By
Saxo Bank |
Market Overview | Feb 03, 2012 03:14PM GMT |
EUR/USD trading was mixed Thursday with the initial dip bought but the subsequent rally rejected, resulting in little net change for the day. But price action from Friday’s high of 1.3235 to Wednesday’s low of 1.3026, has formed a consolidating expanding wedge. This formation has a bias to break to the upside. This bullish sentiment is enhanced by
EUR/USD posting a higher intraday low. In view of these we are bullish above 1.3086
The profit targets are 1.3200, the trend of lower highs, then towards 1.3235, the 7 week peak, and finally 1.3300
The risk to this call is that buying interest is weaker than currently assessed. This would be signalled by a move through 1.3086, Thursday’s low.
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