The EUR/USD reached a fresh 52-week high after rebounding Monday off a key Fibonacci retracement at 1.4618 (61.8% of the 2008 high to the 2009 low). The US Dollar Index, which failed to clear the 10-day MA has fallen back to the September 2008 pivot located near the 76 handle. While daily studies remain at oversold levels, momentum is clearly against the Greenback. A close below 75.89 (September 2008 swing low) immediately exposes 74.75, where a Fibonacci retracement (78.6% of 70.70 - 89.62) and weekly pivot (Q4 2007/Q1 2008 low) reside. Meanwhile, the EUR/USD's bullish structure remains firmly intact while above the upward sloping 50-day MA and will attempt to clear 1.4867 (September 2008 swing high) on it's way towards the 1.50 region.
