Euro @ 1.3176/79....Mid-term and current views
---------------------------------------------
R: 1.3193 / 1.3219-31 / 1.3263
S: 1.3160-55 / 1.3122 / 1.3087-74
Remains technically bullish with target in the 1.3250-3300 region for this move.
Fundamentally, though, the Euro could be moving up on thin air. Why?
(A)The Bund-Bond differential is now working AGAINST the Euro (please take a
look at
http://www.kshitij.com/graphgallery/eurusddiff.shtml)
(B) The Dow Jones could be gearing up to surprise on the upside (please take a
look at
http://www.kshitij.com/graphgallery/djiama.shtml)
As such, the 1.33-1.35 could be a possible "turnaround region" for the Euro. Be
that as it may, this is in the realm of forecasting. Coming back to trading, we
have to focus on the here and now, wherein, there might be some profit-taking
today ahead of the long US weekend. A dip back to the 1.3150-20 region over
today-tomorrow might attract fresh Buyers willing to take the Euro up to
1.3250-3300 next week.
Holding:
EUR 20K Long at 1.3106, TSL 1.3147, TP 1.3210
Order:
Buy EUR 20K at 1.3129, SL 1.3080, TP open
Our Long at 1.3105 saw profit at 1.3173 overnight
