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Trade idea: Buy EURUSD as pattern forms
Alan Collins from 3c Analysis is looking to buy EURUSD; last week markets rejected the initial lows and he says that this pattern has based the Euro Dollar for the last six weeks.
In addition to that, yesterday's break of June's high has set the immediate tone and he believes the demand for EURUSD will continue.
The euro edged higher versus the dollar earlier this week,
following comments from the Bundesbank which suggested that the ECB's low interest rate pledge last month was not set in stone, and
would depend on the medium-term outlook for inflation.
As a result, Alan's immediate objective is 1.3476 and his medium outlook is between 1.3520/60.
00:57 minutes
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