The EUR/USD has extended strength through the key (61.8%) Fibonacci retracement near 1.46 to probe the December swing high at 1.4722. This pivot is also a 1.236% extension of the 50% & 61.8% retracement levels of the 2008 high-2009 low range. Daily RSI is at severly overbought levels and is above 77 (9-period) for only the fifth time in two years. Meanwhile, the DXY (US Dollar Index) is now 7.5% below its 200-day moving average, the most since carving out a bottom 17 months ago. A sustainable move above 1.4722 will next expose the September swing high at 1.4867. Beyond this pivot, however, there lacks any substantial resistance until the 1.53 region, indicating the potential for a fast market or exhaustive-type move. Although, the EUR/USD's bullish structure remains intact (while above the upward sloping 50-day MA), a pullback is anticipated back towards the key Fibonacci retracement at 1.4618.
