EURUSD bounce above average to extend

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Background

For a second day in a row EURUSD initial downside was not sustained yesterday. This time, minor net gains were posted although EURUSD was unable to clearly break above the 13-day moving average. However, Asian trading has extended the topside and we look for the 13-day MA to platform further gains towards last week’s high point.

Management and risk description

A move to 1.1808 means the stop can be raised to break even.

Parameters

Entry: Buy in 1.1777/82 area and at 1.1764.

Stop: 1.1734 offered.

Target: 1.1808, 1.1847 and 1.1870.

Time horizon: Intraday, ending 1500 GMT.

Around average

 Buyers return

 Long term

 All charts from CQG. Create your own charts with SaxoTrader; click here to learn more
— Edited by Susan McDonald
Non-independent investment research disclaimer applies. Read more

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