EURUSD - Buy at 1.2375 and 1.2352 (stop 1.2316), Wednesday
Yesterday's bullish call was confirmed as investors bought EURUSD to higher levels for a 2nd day in a row. Most importantly this move took the currency pair back above the key 13 day mvg avg, and last Wednesday’s Marabuzo line. The scope of the move from Friday’s low means signals for sentiment are overbought. This may lead to a reactive move, especially after Asian upside, but our studies are, temporarily, positive and so this morning’s call is Bullish from the open but leaving room to also buy a 1.2352, Asian open dip. The risk is 1.2316 with upside targets of 1.2406, Feb 7th high, 1.2434 and 1.2476, the 6 & 5th Feb highs.
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