EURUSD - Buy at 1.2375 and 1.2352 (stop 1.2316), Wednesday

FX:EURUSD   Euro / U.S. Dollar
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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