EURUSD - Cautiously Bullish above 1.2982.

More PIA-first, 12 hours ago16 December 2011 The sequence of three negative daily performances ended yesterday with some profit taking. The resulting rally was a minor one though with all trading taking place within Wednesday’s range but while the weakness of gains is a concern, overnight demand keeps the tone positive. In view of this our call is Cautiously Bullish above 1.2982. The immediate objective is 1.3051, yesterday's top, with a move beyond that point targeting 1.3111, half of Tuesday’s net decline, or even 1.3186, Tuesday’s opening point.
Selling through 1.2982, yesterday's European afternoon low, is the risk to this call as it signals that selling pressure is greater than currently assessed. The market should then decline to 1.2945, this week's bottom, then 1.2910.