EURUSD – Weak rally keeps sentiment negative
Our first downward target for Wednesday was met. But that spike lower did not translate into a retest of this week’s low and price action in EURUSD was muted. In fact all trading was confined within the previous day’s range – reflecting investor uncertainty. So although the market remains below the 13 day line and last Thursday’s Marabuzo line, immediate studies cannot be strong. However, this morning’s call is a Cautious Sell at 1.1562 but leaving room to Sell any Rally to 1.1581, Asia’s high. The risk is 1.1623, Tuesday’s open, with an immediate target of 1.1537, yesterday’s low. A move through that point then exposes sentiment to May’s 1.1510 low and 1.1488.