EUR/USD is holding steady today after yesterday’s sharp rebound above the
key level at 1.3250 (38.2% Fib Oct/Jan Decline).
Further sustained confirmation above 1.3250 unlocks an extended recovery into
our target zones at 1.3440/60 and 1.3548 (02nd Dec high). We have opened a
buy stop order in anticipation of this scenario.
Meanwhile, the bears need to push back beneath 1.3000 (psychological support),
then 1.2879 in order to resume the major downtrend lower.
Inversely, the USD Index is holding steady above key support level around
79.10, ahead of 78.30. The pullback had unwound historic speculative net long
positions from the month of January (which tends to be seasonally positive
for the US dollar).
Expect these levels to act as two of the last points of defence for a potential
re-launch of the greenback’s recovery which is still part of our bullish cycle
strategy for a further 20% gain over the multi-month period.
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