EUR/USD Weekly Outlook Negative, To Target 1.3710/3690
CommodityOnline | Dec 20, 2013 06:40AM ET
EURUSD ''Volatility tends to increase at market tops & we called a top last week at 1.3810. This level was retested this week & held adding to the negative outlook.'' As predicted the market remained under pressure & hit our target of 1.3630/20. We are oversold short term so this support will be crucial for today.
A bounce from here is very possible & would target 1.3646/48 & possibly as far as 1.3668/73. We should struggle here with a high for the day possible but if we continue higher look for 1.3688/90 before a selling opportunity at 1.3699. Be ready to go with a break below 1.3620 for a buying opportunity at 1.3585/75 & use stops below 1.3540.
Weekly outlook is negative & should target 1.3710/3690. Below here look for 1.3615/10, perhaps 1.3580/75 for a buying opportunity. Strong resistance at 1.3810/30 for a selling opportunity. Reports will be delivered throughout the holiday period.
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