EURUSD OUTLOOK FOR THE WEEK OF APRIL 25-29, 2011

EURUSD’s reached 1.4647 last week, a few pips above our  1.4613 target.  EURUSD’s  broad outlook remains bid as the rise from the 2011 low of 1.2873 remains active with further rise to follow next targeting 1.5151. However, while last weeks high of 1.4647 holds,  look for a  daily open and close below 1.3969 to complete the rise from 1.2873 at 1.4647 , otherwise favor further upside extension into the weeks ahead.  As to eliminating the broad  upside risk, ONLY a  daily open and close below 1.3760 while 1.4647 caps will turn the broad outlook to neutral.  Look for bids within the 1.3760-1.3969 zone to support further rise targeting 1.5151, 1.5614 and 1.6391 in the weeks and months ahead.  As for the week ahead, look for bids  within the 1.4400-1.4460 zone to support further rise targeting 1.4647, 1.4724 ,1.4818.