Two consecutive daily closes below the 13 day mvg avg did not have the negative impact assessed. 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 mvg avg. Despite volatility concerns, we look for this upside to extend and so this morning’s call is Bullish from the open but leaving room to also buy a 1.2011 dip. The risk is 1.1980, the 13 day mvg avg, with upside targets of 1.2068, Asia’s peak, this month’s 1.2089 top and 1.2121, the 2015 high point.
Comment:
Has traded to first target and so exposure reduced and stop raised to 1.2030. The buy a 1.2011 dip is cancelled
Comment:
Marginally short of 3rd target at 1.2121 but would close out longs at current levels and look again next week