Forex Flash: EUR/USD outlook still points to 1.12 - TD
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EUR/USD
FXstreet.com (San Francisco) - EURUSD last trades at 1.2655 ahead of the closing bell in New York vs. 1.2441 late Thursday, poised to record a 1.7% gain on the day and a 0.8% gain for the week.
From TD Securities: "Weekly candle patterns do look a bit more EUR-positive - a bullish piercing line" - but the weekly doji from mid-June and last week's bearish "engulfing line" still constitute important negative signals for price. Above 1.2747, EURUSD may trade back towards the top of the broad, bear channel at 1.2933. Bigger picture, patterns (long-term H&S bear reversal) still point to 1.12 eventually (12-18 months out)."
From TD Securities: "Weekly candle patterns do look a bit more EUR-positive - a bullish piercing line" - but the weekly doji from mid-June and last week's bearish "engulfing line" still constitute important negative signals for price. Above 1.2747, EURUSD may trade back towards the top of the broad, bear channel at 1.2933. Bigger picture, patterns (long-term H&S bear reversal) still point to 1.12 eventually (12-18 months out)."
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