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Technicals

EUR/USD: Upside favoured

09 Jul, 2008 @ 02:30 am EST
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FXstreet.com (Barcelona) - The Euro bounced back in today's Asian session after yesterday's decline. Nicole Elliott senior technical analyst at Mizuho Corporate Bank advances advances some more climbing: "Bouncing from the top of the Ichimoku 'cloud' and we favour a cautious upside test today, probably above Monday's high at 1.5753 to the nine-day average at 1.5759 and maybe 1.5800."

In regards to strategy, Elliott advices: "Attempt longs on a dip to 1.5655; stop/reverse below 1.5600 for 1.5465. Cover ahead of 1.5750, possibly re-buying above 1.5765 for 1.5800."

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