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11 Mar 2013
Forex Flash: EUR/USD looks technically bullish - Nomura
Nomura Strategist Saeed Amen has taken a look at EUR/USD from a purely technical perspective and believe it looks bullish ahead.
Looking at a daily chart, Amen note that spot is down on the week but he is sticking with his bullish view. He sees that bandwidth is in a plateau, hinting that the downward breakout is exhausting. As such he feels that instead we are more likely to see range bound price action. He writes, “RSI is also at levels which suggest that we are reaching a low. Hence, a retracement higher looks likely. Our target is 1.3150.”
Looking at a daily chart, Amen note that spot is down on the week but he is sticking with his bullish view. He sees that bandwidth is in a plateau, hinting that the downward breakout is exhausting. As such he feels that instead we are more likely to see range bound price action. He writes, “RSI is also at levels which suggest that we are reaching a low. Hence, a retracement higher looks likely. Our target is 1.3150.”