Forex Flash: EUR/USD to see upside ahead? - Nomura (Barcelona) - Nomura strategist Saeed Amen has taken a look at EUR/USD from a purely technical perspective.

Looking at his daily chart, Amen begins by noting that spot is down on the week and he is flipping to a bullish view. He comments that spot has repeatedly failed to break below the 20D SMA, which suggests that there is important support on the downside. Further, he notes that bandwidth has also fallen significantly, suggesting that spot is likely to range. He writes, “Hence, spot is likely to retrace within the range higher. Also the RSI appears to have bottomed out, suggesting it has reached a short-term low. Our target is 1.3020 (above 20D SMA).”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.