Forex Flash: EUR/USD looks bullish ahead - Nomura

Nomura Strategist Saeed Amen has taken a look at EUR/USD from a purely technical perspective.

Looking at a daily chart he notes that spot is lower on the week, but he is retaining a bullish outlook. He sees that bandwidth has remained fairly static, indicating that spot is likely to be range bound. He writes, “The inability of spot to break the bottom part of the range suggests we could see a retracement higher. Also RSI is approaching relatively low levels, which have recently indicated a low.” He finishes by setting his target at 1.3450 (20D SMA).