EURUSD: Maintains Short Term Bias With Eyes On The 1.3171 Level.

EURUSD: Although the pair closed marginally lower at the end of the week, it continues to hold on to its broader short term uptrend. This leaves EUR targeting the 1.3171 level, its Sept 17’2012 high with a turn above here calling for a move higher towards its weekly ema at 1.3415 level. Its weekly RSI points higher suggesting further strength. On the downside, the risk to this analysis will be a return to the 1.2824 level. Further down, support lies at the 1.2692/1.2748 levels where a reversal of roles could occur. This could see the pair back off lower prices and target the upside. However, if this fails to happen further declines will aim at the 1.2442 level. All in all, EUR looks to recapture the 1.3171 level and beyond.

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Tags: analysis, forex, research, technical

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