EURUSD bearish after break of key average
The market continues to oscillate around the 13/100/20-day moving average area. Nonetheless, yesterday saw the most aggressive negative move for 14 trading days. This took EURUSD to the lower end of the recent range and, in late trading, through the 200-day moving average. This downside has deepened in Asia and has growing potential for a reactive move. Nonetheless sentiment is negative with potential to expand towards August's lows.
Management and risk description
Entry: Sell in 1.1120/25 area and any 1.1153 rally.
Stop: 1.1187 bid.
Target: 1.1088, 1.1067 or even 1.1046.
Time horizon: Intraday ending London 1pm.
— Edited by Susan McDonald
Non-independent investment research disclaimer applies. Read more