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Forex Flash: EUR/USD targets limited range – RBS

By FXstreet.com,  January 08, 2013, 05:39:00 AM EDT

FXstreet.com (Barcelona) - According to William Moore, a Technical Markets Strategist at RBS, "We think for the short-term at least anything intraday for the EUR/USD between 1.3137 and 1.3172 is looking fairly toppy for now."

Moreover, "if the market were to break the 1.3025 level to the downside we also posit the pair could accelerate quite quickly lower, representing a trend line break as well as a head and shoulders pattern so another figure lower to 1.2906 and even 1.2775 would become the targets. Given the recent trends, it would seem safe to say that stop losses need to be above the 1.3320 level, though this is above the previous highs and the 138.2% projection of the November - December rally." he adds.




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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