Forex Flash: Could EUR/USD threaten 2011 high of 1.4245? – RBS
Forex pairs in this Article »
EUR/USD
FXstreet.com (Barcelona) - According to Technical Strategist William Moore at RBS, "The EURUSD has been particularly active in both short and long term charts for now as the recent failure at the last year's high around 1.3485 is just too coincidental to miss and that is the short term break level to be aware of."
Moreover, "The 1.3400 level was pivotal on the way up and is a good buy dip level should that be seen any time today. The much bigger picture is for the market to still creep higher as outlined by the inverse head and shoulders below. The target from this pattern is all the way up at the October 2011 around 1.4245. The stop loss for this position would be down at the break out level around 1.3080. So for the short-term the key is the break from the 1.3400/1.3485 range." Moore notes.
Moreover, "The 1.3400 level was pivotal on the way up and is a good buy dip level should that be seen any time today. The much bigger picture is for the market to still creep higher as outlined by the inverse head and shoulders below. The target from this pattern is all the way up at the October 2011 around 1.4245. The stop loss for this position would be down at the break out level around 1.3080. So for the short-term the key is the break from the 1.3400/1.3485 range." Moore notes.
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