EURUSD Outlook for the Week of April 11-15th, 2011

EURUSD’S broad outlook remains bid as the rise from the January 10, 2011 low of 1.2873 remains active with upside targets of 1.4613, 1.4818, 1.4985 and 1.5151 into the weeks ahead. As to the downside, only a daily open and close below 1.3870 will complete the rise from 1.2873 while last Friday’s high of 1.4468 holds. Medium term, look for bids within the 1.3957-1.4082 to solicit further rise targeting the November 2009 high of 1.5143, which is just below the 161.8 extension of the 1.4281-1.2873 fall at 1.5151. For Monday, April 11, look for 1.4364-1.4393 zone to support further rise targeting 1.4515, 1.4532, 1.4546 and 1.4560.