Update for: 2012-12-10 - 2012-12-16

Posted on: Sunday, 09 December 2012 10:44

eurusd st 20121209

EURUSD: 1.2926

Short-Term Trend: weak uptrend


EUR was stronger for most of last week but then declined sharply on Tuesday and Friday. Overall, the outlook remains unchanged from the last week. The sideways consolidation from the Sept top is believed to be a pause with the uptrend form the July 2012 low. And if that's the case, very soon we should see a rally above the 1.3195 level. Such a move higher will confirm the presented bullish view and will suggest gains twd 1.3520 and 1.3720.
On the downside, the key support is at 1.2670 - break below there will negate the afore-said bullish view....

Strategy: Longs favored at 1.2870. Stop=1.2670. Target=1.35000

Next Update: Sun, 12/16/2012.

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