Yesterday's report highlighted an oversold situation. That proved justified as, after marginally failing to reach of 1st downside target, some profit taking developed. The resulting bounce was not an aggressive one but limited net movement suggested that selling pressure had stalled. But the upside failure at Tuesday’s Marabuzo line has led to some renewed selling interest in Asia, confirming the underlying bearish tone.
We look to Sell at 1.3156 and 1.3180.
The stop is 1.3224 bid with targets 1.3137, 1.3118 and 1.3088.
Closes 4pm London time