Watch for bullish break above key average to extend for EURUSD
Yesterday's bullish bias was confirmed as investors bought EURUSD to higher levels for a second day in a row. Most importantly this move took the currency pair back above the key 13 day moving average, as well as last Wednesday’s Marabuzo line.
The scope of the move from Friday’s low means signals for sentiment are overbought. This may lead to a reactive move, especially after Asian upside. But our studies are positive looking for the upside to develop towards this month's highs.
Management and risk description
A move to 1.2406 means the stop can be raised to break even
Entry: Buy in 1.2375/80 area and any 1.2352 dip.
Stop: 1.2316 offered.
Target: 1.2406, 1.2434 and 1.2476.
Time horizon: intraday, closing 1600 GMT.
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