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28 Aug 2015
EUR/USD: Weekly close above 1.1385/1.1440 key - SocGen
FXStreet (Bali) - Stéphanie Ayme, Head of Technical Analysis at Societe Generale, notes that a weekly close above 1.1385/1.1440 in EUR/USD is needed to signal a further rebound.
Key Quotes
"The corrective recovery in EUR/USD has accelerated recently. However, the pair is now reintegrating inside the triangle within which it has consolidated since February."
"This re-integration highlights that EUR/USD would need a weekly close above the pattern limit and June highs at 1.1385/1.1440 to signal the possibility of a further rebound."
"Short term, a retracement is in force, and the graphical level at 1.12 is likely to cushion it. Only a break below 1.12 will mean a revisit of the triangle at a lower limit at 1.0940/1.08."
Key Quotes
"The corrective recovery in EUR/USD has accelerated recently. However, the pair is now reintegrating inside the triangle within which it has consolidated since February."
"This re-integration highlights that EUR/USD would need a weekly close above the pattern limit and June highs at 1.1385/1.1440 to signal the possibility of a further rebound."
"Short term, a retracement is in force, and the graphical level at 1.12 is likely to cushion it. Only a break below 1.12 will mean a revisit of the triangle at a lower limit at 1.0940/1.08."