 | |  | | EUR/USD - the single currency actually fell beyond the ideal 1.2100 target; it has been to 1.2055 but shows scant evidence of reversing trend and may make another downmove to 1.2025/00 area. The very short-term outlook remains the same however -- expect an "oversold" reaction from those lower levels, and the currency pair should rise back to 1.2200 (roughly 40 percent) at least later in the week. We still expect to see the currency pair make a new basing action thereafter. However, the recent sell-off has damaged the positive short-term view, and so would require fine-tuning -- we review the general premise once we get the desired support and subsequent upmove to 1.2200.
Recommendations:
Bought EUR at 1.2078. Move stop-loss from 1.1980 to 1.1960. Keep profit target at 1.2500.
Buy EUR at 1.2030. Stop-loss: 1.1960. Profit target: 1.2500. |  |  |  |  |
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