EURUSD bearish after key average break
Although the bulk of last week's price action saw EURUSD supported by the 13/100 day moving average area, upward progress was limited. This failure to build upon the previous week's gains then led to Friday’s strong decline through the averages and a daily Marabuzo line to take EURUSD to test the 200-day line.
Management and risk description
A move to 1.1046 means the stop can be lowered to break even or better.
Entry: sell in 1.1165/75 area and any 1.1243 rally.
Stop: 1.1328 bid.
Target: 1.1046, 1.0978 or even 1.0910.
Time horizon: this week, ending Friday at 12 p.m. GMT.
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