FXstreet.com (Barcelona) - The Euro has moved from 1.3340 intra-day low during Asian session to levels above 1.3400 on Early European session, and According to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, EUR/USD could appreciate further today and during the month ahead.
Elliott expects the Dollar to weaken during the rest of the month, and the Euro exploring higher areas: Bouncing again from the top of the 'cloud' and the nine-day moving average, squeezing to a new recent high at 1.3471. Similar patterns can be seen in a series of major currencies suggesting generalised US dollar weakness this month and eventually the Euro should be dragged higher.
Concerning strategy, Elliott advices going long on the Euro: Buy at 1.3400, adding to 1.3245; stop below 1.3090. Add to longs on a sustained break above 1.3475 for 1.3575/1.3600 and more further out.
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