The EUR/USD made new highs this morning, but has since pulled back.  My work says the euro has much higher to climb, which among other reasons is why I am not panicking out of the GLD.

This morningâ�,��"�s EUR/USD thrust to 1.3215/20 hit my next optimal target zone at 1.32-1.30. However, my near- and intermediate-term pattern and oscillator work argue for considerably more upside after the current rest runs its course.  The â�,��"restâ�,� period could press the euro back into the 1.31-1.3050 area prior to my expectation of another leg up that hurdles 1.33 on the way to revisit the 1.3660 high from December 2005.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.