Technical Analysis Suggests Euro Could Rise to $1.5285

According to technical charts prepared by the Bank of Tokyo-Mitsubishi UFJ Ltd., the euro could rise to a 15-month high of $1.5285 if it manages to break the resistance line at $1.5063. Resistance at $1.5063 represents the Oct. 26 high, which the currency will probably strengthen toward in the next two weeks, said Masashi Hashimoto, a senior analyst in Tokyo at the unit of Japan’s biggest publicly traded bank. The euro’s close last week above the four-week moving average of $1.4869 and the rising trend in other indicators such as the 13-week moving average signal the euro may gain further, Hashimoto said.

“Positive signals are outweighing negative ones when you compare them at this moment,” Hashimoto said in a Bloomberg interview. “Hence, the euro is likely to go up.”

Bloomberg

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