EUR/USD Short-Term Update
By Alexander Nikolov
posted 19:58 01/02/12
| Forex Analysis
 
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EURUSD: 1.2957

Short-Term Trend: downtrend

Outlook:

Several weeks ago we favored a short position in the 1.34/1.35 area with a target at 1.2870. The 1.2870 target was reached in the last week of 2011, so we are now flat. The daily downtrend remains strong as so far there is no evidence of a major bottom. But we believe that a low will be found soon either near the 1.2870 level or near 1.2670 level. Then, a rally back twd 1.3520 will be expected but only to be followed by another decline. We captured a big move down, so from a trading perspective it is wise now to step aside for a week or two.


Strategy: The previous shorts from 1.34/1.35 hit our target at 1.2870. I am now flat.

 
 
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