EURUSD – The key bullish development on Friday was the closing break above 1.3150, the 38% retracement of the May 2011 to July 2012 bear trade. With the bullish trend conditions in place and momentum tools pointing higher, the risk is for extension of the strength to test at least the higher 50% retracement at 1.3493. We have added longs at 1.3164 to the existing one recommended at 1.2955, targeting 1.3490, with stops placed at 1.2990, just under the 62% retracement of the latest advance.
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UBS Investment Bank