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26 Apr 2013
Forex Flash: EUR/USD looks bearish ahead - Nomura
FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen has taken a look at EUR/USD and notes that the pair is technically bullish ahead.
He begins by noting that spot is down on the week and he is flipping to a bullish view. Looking at a daily chart he notes that spot has been unable to close below its 20D SMA, suggesting that it is downside support. Also, he adds that RSI has stalled, suggesting a short term low has been reached. He writes, “With bandwidth dropping a retracement back higher within the range looks most likely. Our target is 1.3140.”
He begins by noting that spot is down on the week and he is flipping to a bullish view. Looking at a daily chart he notes that spot has been unable to close below its 20D SMA, suggesting that it is downside support. Also, he adds that RSI has stalled, suggesting a short term low has been reached. He writes, “With bandwidth dropping a retracement back higher within the range looks most likely. Our target is 1.3140.”