Chart Watch – EUR-BRL 19 August 2013

EUR/BRL – Daily Chart

Is surging higher and targets the 3.3487 October 2008 high and then the 3.40/47 region

EUR/BRL sharp ascent from its 2.5226 March low is accelerating to the upside with it so far having made a four and a half year high at 3.2284.

Next up is the October 2008 peak which was made at 3.3487. This level and the minor psychological 3.3500 level should be reached within the weeks to come.

Once overcome, the 3.4000 region will be back in the picture, together with the 3.4516/3.4738 December 2008 highs.
We will retain this bullish forecast while the currency pair remains above its 2.9986 August low.
Minor support above this level comes in around the 3.1013 August 8 high.
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