In a bigger timeframe the pair is still in a Bullish situation, this is indicated by the fact 10 weeks periode Simple Moving Avarage is pointing up and the price traded above this avarage. However, given the Osama Bin Laden death issue we must be cautious for the possibility of temporary strengthening of the USD currency, especially if the EUR/USD can retrace and break down below the 1.4661 level, this situation will bring this pair down to the previous weekly low (April, 24th / 2011) candle at the 1.4493. However, if the spot rate can break the 1.4901 level it will drive this pair to catch the next target resistance at the 1.5031.