Steve Lucas

SPOT EURUSD - signals continue to point to buying dips

For the 4th week in succession the EURUSD has traded sideways and is unchanged. More recently prices have been oscillating around their 13 day average rate with no strong intraday trend. Against this background, Thursday’s signals pointed to staying square on the open and to buying the dip. However, sentiment traded sideways inside a small 37 pip range for an unchanged close. Signals are not strong, but while above this week’s low there remains a very cautiously bullish bias and with this in mind the outlook for Friday is to stay square on the open and to buy the dip at 1.1761, Wednesday’s opening trade with a stop loss at 1.1726, this week’s low, or to buy up through 1.1847, the 2 week high with a stop loss at 1.1800. Targets above 1.1847 are to 1.1870, the 4th Aug top and 1.1911, this month’s high trade.


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Steve Lucas

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