EURUSD: 1.2895

Short-Term Trend:  sideways

Outlook:  EURUSD tried to move lower again early last week, however the prices found support well abv the prev. low at 1.2588. The inability to move lower then resulted in a strong upmove and the single currency finished the week near its highs just below the 1.2900 level. The immediate pressure is now on the upside as the daily Stochastics is rising from previous oversold levels. Thus, further gains twd 1.30/1.31 are favored, but the early August top at 1.3333 is expected to remain intact and to yield another sell-off later this month. In a week or two we may favor a short position, but for now we will stay out.

Strategy:  Stand aside.