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14 Jun 2013
Flash: EUR/USD technical analysis - Nomura
FXstreet.com (London) - Saeed Amen, analyst for Nomura explains that EUR/USD Spot is higher since their last update.
They keep their bearish view. First, the RSI has dipped from overbought territory, which has usually been a good indicator of a top. Also, he explains, bandwidth expansion is slowing; indicating that spot has likely reached a top. Their target is 1.3200 (which was the base of the recent rally). Meanwhile, a sudden bout of weakness is now weighting on the EUR/USD, dragging the pair to the proximities of 1.3320 after consumer prices in the euro area matched forecasts in May.
They keep their bearish view. First, the RSI has dipped from overbought territory, which has usually been a good indicator of a top. Also, he explains, bandwidth expansion is slowing; indicating that spot has likely reached a top. Their target is 1.3200 (which was the base of the recent rally). Meanwhile, a sudden bout of weakness is now weighting on the EUR/USD, dragging the pair to the proximities of 1.3320 after consumer prices in the euro area matched forecasts in May.