Technical analysts at BNP Paribas believe that the single currency may rise to the 13-month maximum versus US dollar if it manages to overcome resistance at the $1.40 level representing 80% Fibonacci retracement of the decline from $1.4282 on November 4 to $1.2867 on January 10.
The specialists claim that after getting above $1.40 the pair EUR/USD may go up until full retracement rising to $1.43 and to $1.4450.
According to BNP Paribas, above $1.43 there is a downtrend line from the euro’s record maximum at $1.6038 in July 2008 and the 76.4% Fibonacci retracement of its decline from November 2009 to June 2010.
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