FXstreet.com (Barcelona) - According to Technical Markets Strategist William Moore at RBS, “The frustrating ranges persist in the EUR/USD, although overnight showed us very quickly why it still makes more sense to be fading EUR rallies than buying any dips.”
“The short-term range between 1.2806 and 1.2742 looks under threat – as this was defined by the important low on October 1 and the 38.2% retracement from the July September rally. In line with the recent ranges, this looks good value for a small long here expecting a 40/50 pip run back to 1.2806+ where the fade once again becomes the chosen strategy.” Moore suggests.
“The short-term range between 1.2806 and 1.2742 looks under threat – as this was defined by the important low on October 1 and the 38.2% retracement from the July September rally. In line with the recent ranges, this looks good value for a small long here expecting a 40/50 pip run back to 1.2806+ where the fade once again becomes the chosen strategy.” Moore suggests.
