EUR/USD: Outlook Remains Negative
Jason Sen | Oct 15, 2014 02:21AM ET
EURUSD did head lower as predicted to our target of 1.2645/40 for a buying opportunity and bottomed exactly here. However outlook remains negative and we are lower over night. We look for a test of support at 1.2620/15 but unlikely this will hold for long. Any longs need stops below 1.2600 therefore to target 1.2580/70. If we continue lower today look for 1.2550/45 then a retest of October lows at 1.2500.
Immediate resistance at 1.2680/85 could hold a move higher and is worth trying shorts with stops above 1.2720. An unexpected break higher however could target 1.2760/65 for a selling opportunity with stops above 1.2790.
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