Forex Flash: EUR/USD short-term range under siege – RBS
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EUR/USD
FXstreet.com (Barcelona) - According to Technical Markets Strategist William Moore at RBS, "The frustrating ranges persist in the EURUSD, although overnight showed us very quickly why it still makes more sense to be fading EUR rallies than buying any dips."
"The short-term range between 1.2806 and 1.2742 looks under threat - as this was defined by the important low on October 1 and the 38.2% retracement from the July September rally. In line with the recent ranges, this looks good value for a small long here expecting a 40/50 pip run back to 1.2806+ where the fade once again becomes the chosen strategy." Moore suggests.
"The short-term range between 1.2806 and 1.2742 looks under threat - as this was defined by the important low on October 1 and the 38.2% retracement from the July September rally. In line with the recent ranges, this looks good value for a small long here expecting a 40/50 pip run back to 1.2806+ where the fade once again becomes the chosen strategy." Moore suggests.
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