FX Emerging Markets Weekly – Update 24 January 2014

EUR/BRL – Daily Chart

Is heading towards the October 2008 high at 3.3487 and may reach the 2008 peak at 3.4738

EUR/BRL made a new five year high, this time at 3.3379, and nears the October 2008 peak at 3.3487.
If overcome, the minor psychological 3.4000 region and the 2008 high point at 3.4738 will be in focus as well.
We will retain our short term bullish forecast while the currency pair trades above the January 20 3.1562 low.
Support above this level can be seen between the 2013 peak at 3.2811 and the early December high at 3.2637.
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