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EUR/USD – Buy above 1.3115 – for April 30, 2013 (daily strategy)

Posted at April 30, 2013 Categories : Forex Analysis |

The euro is in a decisive area and trying to break the short-term bearish channel. If you look at the chart, yesterday it tried to break 1.31 area, but found resistance. Given that it has retracted only about 30 points, this level is likely to be a new attempt to break it. Thus, we recommend buying above 1.3115 area with targets at 1.3225, around the third weekly resistance. If an upward movement continues, the next target is the 1.3422 area fractal. On the other hand, if there is a rebound in the 1.30, it would be a good opportunity to buy the pair. Our outlook is bullish because the Momentum Indicator has found support above the moving average of the MACD, and as it has not broken down, the bullish signal is intact. So you can buy at the current price levels, pending the increase of the EUR/USD pair in the next few hours and days.

 

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