Watch for extended EURUSD upside after break above key average
Two consecutive daily closes below the 13 day moving average did not have the negative impact that were assessed as likely. Instead, fuelled by the ECB, buying above 1.1900 this time translated into a strong improvement of more than 1 ¼ big figures – taking EURUSD comfortably above the 13 day moving average.
Despite volatility concerns, we look for this upside to extend.
Management and risk description
A move to 1.2068 means the stop can be raised to break even.
Entry: Buy in 1.2040/45 area and any 1.2011 dip.
Stop: 1.1980 offered.
Target: 1.2068, 1.2089 and 1.2121.
Time horizon: intraday, closing 1600 GMT.
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