0943 GMT [Dow Jones] EUR/USD is on course for further gains to 1.2493
as a bull pennant continuation pattern on the 60-minute chart is near
completion. Monday's one-month high at 1.2444 is expected to be
broken, paving the way for further EUR gains towards single print
resistance at 1.2493 and 1.2547 from the July 5 Market Profile. A wave
equality target at 1.2500 bolsters the 1.2493 target, and a measured
objective derived from the bull pennant pattern highlights 1.2515.
Only a break below 1.2375 would defer the EUR bullish outlook,
exposing Monday's low at 1.2342 and support at 1.2320. EUR/USD is at
1.2405. Market Profile is an intraday charting technique, seeking to
evaluate market value as it develops during the day. The technique
displays price on a vertical axis, and time/activity on a horizontal
axis, creating bell curves that show normal and variable distributions
in financial markets. -By Francis Bray, Dow Jones Chief Technical
Analyst For Europe.(francis.bray@dowjones.com) (This article is
general financial information, not personalized investment advice, as
it does not consider the unique circumstances affecting an individual
reader's decision to buy or sell a specific security or currency. Dow
Jones does not warrant the accuracy, completeness or timeliness of the
information in this article, and any errors will not be made the basis
for any claim against Dow Jones. The author does not invest in the
instruments or markets cited in this article.)
Contact us in London. +44-20-7842-9464
Markettalk.eu@dowjones.com
(END) Dow Jones Newswires
August 07, 2012 05:43 ET (09:43 GMT)
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