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Euro Technical Outlook

Thursday, 16 October 2008 14:32:02 GMT

Written by Jamie Saettele, Senior Currency Strategist

The EURUSD remains in the middle of the recent range and only a break below 1.3250 or above 1.3785 is going to provide a clear direction.  Long term momentum is clearly down but I don’t see a safe short entry at this near this level. 

Those willing to take on risk can try the short side against 1.3688.  The next long term support is the 2007 low at 1.2865.  A potential inverse head and shoulders could lead to a bullish reversal. 

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