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EUR/USD Outlook: Euro Regaining Strength

Published 08/16/2013, 03:57 AM
Updated 02/21/2017, 08:25 AM

The Euro regained strength and rallied strongly from 1.3205, a daily low, where the fall from 1.3300 zone found support. Retracement of over 61.8% of 1.3399/1.3205 corrective pullback, signals an end of corrective phase and shifts focus higher. Positive near-term technicals are supportive for eventual push through near-term targets at 1.3399 and 1.3414, break of which to break above two-weeks congestion and resume broader uptrend from 1.2754, 09/07 low. Also, clearance of 1.3399/1.3414 barrier, to confirm larger picture’s double-bottom, formed by 1.2744/54, Apr/July lows. Extended hourly studies, however, may delay bulls for corrective action, with 1.33 zone offering good support and seen as ideal reversal point.

Res: 1.3360; 1.3399; 1.3414; 1.3433
Sup: 1.3324; 1.3300; 1.3283; 1.3260

FinFX Market Outlook - www.finfx.fi

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