FX.co ★ EUR/USD Pullback - For November 22, 2012 (Daily Strategy)

The EUR/USD pair broke the downtrend line that we mentioned yesterday in our analysis. You can see in the chart below that this positive movement of the euro is due to positive economic data from China.
According to the graph, the 200 day moving average periods is the key to the euro's upward move. The support zone is at 1.2760 (daily Fractal). Taking it into account, there is a high probability that the euro can continue its path upward to the psychological level of 1.3005.
Therefore, our outlook upward for this pair is above 1.27. In the short term we expect that the usual pullback happens when it is broken. Buy at 1.2815, targeted is at 1.3005.

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