Short-Term Oulook in EUR/USD
By Alexander Nikolov
posted 21:54 01/29/12
| Technical Analysis
 
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EURUSD: 1.3218

Short-Term Trend: weak downtrend

Outlook:

A week ago I favored longs on a small pullback against the 1.2670 level. Depending on your risk tolerance, you are either long already or have missed to enter long by a small margin. I will consider that we have a hypothetical long position. The daily chart now looks quite positive. The prices are above the rising 21-day MA and that's bullish. Of coure, the daily trend is objectively still on the downside because the prices are below the 100-day MA. But based on the presented wave structure, an advance twd at least 1.3520/1.3720 is expected.
On the downside, below 1.2870 negates, risks re-test on the Jan low.


Strategy: Holding long from 1.2900 is favored. Stop below1.2870. Target=1.3700

 
 
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