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16 Mar 2015
EUR/USD scope for correction – CharmerCharts
FXStreet (Barcelona) - Carol Harmer of CharmerCharts, views that technicals suggest EUR/USD has scope for correction, anticipating a move above 1.0531 to pave way for 1.0565.
Key Quotes
“Now we have seen a very small Double base on the 60 min charts, so there is scope for correction at the start of the week.”
“We as yet have not been able to break the daily pivot at 1.0531, but there is a good chance that we can do this as Europe opens and this could then take us to the break point of 10565...Here cover longs...you only want to go long if 10565 breaks.”
“If we can break this barrier we look for the first med term fib at 10689 as your targeted area.”
“Now all this depends on being able to break 10565..If we fail look for another assault on 10465...Cover shorts...as before we are only selling below 10450. A break below here keeps the pressure to the downside for 10399 then 10365.”
Key Quotes
“Now we have seen a very small Double base on the 60 min charts, so there is scope for correction at the start of the week.”
“We as yet have not been able to break the daily pivot at 1.0531, but there is a good chance that we can do this as Europe opens and this could then take us to the break point of 10565...Here cover longs...you only want to go long if 10565 breaks.”
“If we can break this barrier we look for the first med term fib at 10689 as your targeted area.”
“Now all this depends on being able to break 10565..If we fail look for another assault on 10465...Cover shorts...as before we are only selling below 10450. A break below here keeps the pressure to the downside for 10399 then 10365.”