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May 10, 2013
Forex Flash: EUR/USD looks technically bullish – Nomura
FXstreet.com (Barcelona) - Nomura strategist Saeed Amen has taken a technical look at EUR/USD for the week ahead and has a bullish outlook.
He begins by noting that spot is down on the week but he is maintaining his bullish view. He notes that firstly, the RSI has remained in a tight range, and is at levels where recently we have seen lows. Also he adds that bandwidth remains low, suggesting that we are likely to trade within a range. He writes, “Spot also failed to break the 200D SMA. Hence, we think a retracement within the range is most likely. Our target is 1.3100 (just above 20D SMA).”
He begins by noting that spot is down on the week but he is maintaining his bullish view. He notes that firstly, the RSI has remained in a tight range, and is at levels where recently we have seen lows. Also he adds that bandwidth remains low, suggesting that we are likely to trade within a range. He writes, “Spot also failed to break the 200D SMA. Hence, we think a retracement within the range is most likely. Our target is 1.3100 (just above 20D SMA).”