Thursday, October 22, 2009

Euro ‘Bulls Retain Control,’ MIG Says: Technical Analysis

(Bloomberg) -- The euro may strengthen to $1.5283 in “coming weeks” after surpassing $1.50 yesterday for the first time since August 2008, according to MIG Investments SA, which cited trading patterns.“Bulls retain overall control,” Howard Friend, chief market strategist at MIG Investments in Neuchatel, Switzerland, wrote today in a report. “The key technical factor remains the completed double-bottom base pattern,” with the “$1.4719 December breakpoint,” he said. The euro slipped 0.1 percent to $1.4996 as of 12:46 p.m. in London.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a0sO.9hhGz.c

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