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24 Dec 2013
EUR/USD eases some, still frozen
FXstreet.com (Buenos Aires) - The EUR/USD eases some over the European morning, but for the most unchanged in ultra thin holiday’s markets. Trading within yesterday’s range, the pair is down on the day, having found some short term support around in 1.3671 daily low, but holding below the 1.3700 level. Anyway, current lack of action will probably extend for the rest of the week, leaving short term traders adrift.
Bottom confirms a long
The steady rise of the pair ever since testing 1.3290 following ECB rate cut past November 7th, seems to have now confirmed more longs ahead, according to Fan Yang, from FXTimes, as the pair reached a “bottom of its price channel and a previously established horizontal support level. This week starts off with the confirmation I was looking for to go long. So, I’ve got my order placed at 1.3650 to go long, with my stop 70 pips below at 1.3580, and a target of 1.4140. I’m seeking 490 pips and risking 70, thus offering a reward/risk of 7:1.”
Bottom confirms a long
The steady rise of the pair ever since testing 1.3290 following ECB rate cut past November 7th, seems to have now confirmed more longs ahead, according to Fan Yang, from FXTimes, as the pair reached a “bottom of its price channel and a previously established horizontal support level. This week starts off with the confirmation I was looking for to go long. So, I’ve got my order placed at 1.3650 to go long, with my stop 70 pips below at 1.3580, and a target of 1.4140. I’m seeking 490 pips and risking 70, thus offering a reward/risk of 7:1.”