Back
14 Jun 2013
EUR/USD, look for highly corrective pullbacks to join bulls - 2ndSkies
FXstreet.com (Barcelona) - The EUR/USD trading continues to develop north-bound, with the price closing for a fourth day in a row in positive territory on Thursday. The pair is 1.5% higher for the week, with quotes capped by 1.34.
The 20-EMA on the H4 acts as value area
Dip buying to join this week's neat uptrend has persisted without much disturbance from the surrendering selling side, which have seen the 20-ema on the H4 as the value area where buyers did systematically stepped in.
Be cautious if buying towards end of the week
In view of Chris Capre, Founder at 2ndSkies, although the trend is steady, "being the end of the week, I'm going to suggest cautious buys as we've had our first penetration since last week." Thus, Capre suggests "to look only for highly corrective pullbacks on the intraday charts to buy at the 20ema (now around 1.3300), targeting 1.3350 and 1.3425 with tight stops below."
The 20-EMA on the H4 acts as value area
Dip buying to join this week's neat uptrend has persisted without much disturbance from the surrendering selling side, which have seen the 20-ema on the H4 as the value area where buyers did systematically stepped in.
Be cautious if buying towards end of the week
In view of Chris Capre, Founder at 2ndSkies, although the trend is steady, "being the end of the week, I'm going to suggest cautious buys as we've had our first penetration since last week." Thus, Capre suggests "to look only for highly corrective pullbacks on the intraday charts to buy at the 20ema (now around 1.3300), targeting 1.3350 and 1.3425 with tight stops below."