EUR/USD
1.3270 is the break point on the Euro...and we have nudged 1.3266 overnight..so not much more to go. We are looking overbought on the 60 min charts...and this may well limit the topside until these indicators have eased...The market need not go lower...we could go sideways and still promote easing of the overbought scenario.
Now short term we see a little flag/pennant formation, this is a bullish pattern and the measured target off this patter is 1.3440...just something to bear in mind...Also we cannot ignore the Inverse Head and Should pattern evident on the med term charts showing a measured target of 1.3895. so all we need to do now is get the market conditions right for a move higher...even if this means a few days of sideways trading to achieve this…
Support from current levels located in the 1.3130/1.3100 area. We would attempt longs to these lower levels and hold unless 13080 breaks. If we do lose 1.3080 we see 1.3010 offering excellent support and we would expect strong buyers in on weakness to here.
