EURTRY- Average to Platform Gains
5th July 2017
Last week’s strong improvement of 10 big figures, using the 21 week moving average as a platform, has renewed the positive bias in EURTRY that dominated the 2nd half of 2016.
For the past 2 months EURTRY has traded around the 13/21 week moving average area but, despite a negative RSI crossover, has not effectively breached it on the downside.
There was a strong move higher from the averages in May that did not gain momentum and, of course, there is the possibility that a similar situation will develop in EURTRY now.
But with the RSI indicator confirming the positive tone with a move back above it’s average our forecast for the coming weeks in a positive one.
4.0680 is the immediate target, a weekly Marabuzo line, with a EURTRY move through that point then focusing on 4.1470 and 4.1765, this year’s high point.
