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EUR/USD: Short Term Buying Opportunity

Published 08/07/2014, 07:35 AM
Updated 07/09/2023, 06:31 AM

EUR/USD Technicals

EURUSD hit our downside target of 1.3355/45 for a short term buying opportunity with stops below 1.3320. Exactly as predicted we saw a recovery to our first target of 1.3380/85 for a 30 pip profit and topped exactly here. However today's outlook remains positive and we look for a test of resistance at 1.3415/20. A high for the day expected but shorts need stops above 1.3435. A break above 1.3445/50 then targets resistance at 1.3470 for a selling opportunity with stops above 1.3490.

Use 1.3355/45 for a short term buying opportunity with stops below 1.3320 again today. However a break lower targets November lows at 1.3295/90 then excellent longer term Fibonacci support at 1.3250/40. Any longs here this week need stops below 1.3220.

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