EURUSD: Bullish Offensive Set For The 1.3171 Level.
October 7, 2012 10:53 am in Forex Analysis
EURUSD: With the pair reversing most of its two-week losses the past week, further upside pressure is now building up. 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 build on its past week gains.