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21 Jun 2013
Flash: EUR/USD Technicals – Nomura
FXstreet.com (London) - Saeed Amen, a stratergst at Nomura Bank said that the EUR/USD technicals are bearish for next week and ranging.
He said the Spot is lower since their last update and they keep their bearish view. Spot has begun to test the 20D SMA. Also RSI is still moving lower, suggesting to them a downward momentum is likely. With bandwidth falling, he feels range-bound price action seems likely. Hence, they think a further retracement to the bottom of the range is reasonable. Their target is 1.3080 (55D SMA and 200D SMA).
He said the Spot is lower since their last update and they keep their bearish view. Spot has begun to test the 20D SMA. Also RSI is still moving lower, suggesting to them a downward momentum is likely. With bandwidth falling, he feels range-bound price action seems likely. Hence, they think a further retracement to the bottom of the range is reasonable. Their target is 1.3080 (55D SMA and 200D SMA).