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24 Jun 2013
Flash: EUR/USD to fade upside moves, targets in the high 1.3000s - TDS
FXstreet.com (Barcelona) - Given bearish longer-term patterns unfolding last week, Shaun Osborne, Chief FX Strategist at TDS, see limited upside scope for EUR/USD near-term.
Osborne expects the pair to recover towards a high of 1.32s at most, "with the market likely to fade such moves with a view to pressing EUR/USD below support in the high 1.3000s from here" Osborne said. The Strategist further added that "a clear push below the 200-day MA should see losses extend to the mid 1.29 area."
From a broader perspective, the overall picture is still not that “clean”, Osborne said, pointing at "oscillator signals mixed and the market as really just pivoting widely and wildly around the 1.3175 area." Clear break below 1.28 will provide clarity, Osborne said.
Osborne expects the pair to recover towards a high of 1.32s at most, "with the market likely to fade such moves with a view to pressing EUR/USD below support in the high 1.3000s from here" Osborne said. The Strategist further added that "a clear push below the 200-day MA should see losses extend to the mid 1.29 area."
From a broader perspective, the overall picture is still not that “clean”, Osborne said, pointing at "oscillator signals mixed and the market as really just pivoting widely and wildly around the 1.3175 area." Clear break below 1.28 will provide clarity, Osborne said.