EURUSD – Weak rally emphasises bearish bias
The backdrop to EURUSD remains dominated by Thursday’s aggressive decline. Price action yesterday was muted with limited movement in range and net direction. This kept EURUSD under Thursday’s Marabuzo line and the 13 day mvg avg without attracting significant fresh selling interest. This means that today’s signals are weak but given the underlying bias, we are square from the open but look to Sell below 1.1588 (Stop 1.1645, Asia’s high) or 1.1687 Rally, the 13 day average (Stop 1.1744). Targets below 1.1588 are 1.1543, last week’s low, and 1.1510, May’s bottom.