Forex Flash: EUR/USD 1.3300 level broken – RBS

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FXstreet.com (Barcelona) - According to Technical Markets Strategist William Moore at RBS, "The EUR/USD burst through all of calculated resistance levels and closed the week above the pivotal 1.3300 level, which jolted us out of our medium and short-term positions from last week. This week has a much more bullish setup than last, as we posit a close above the 1.3300 level is significant and last years high at 1.3485, which also a 176.4% projection of the November - December rally is the next line in the sand to be aware of."

"Before this level, the 1.3410 zone is the 161.8% projection level of the same range, whereas stops can now go around the 1.3270 level as the 1.3300 handle should morph into strong support." Moore suggests.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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