EURUSD – Break below average points lower
Despite Tuesday’s rejection of levels below the 100-day moving average, yesterday's bias was assessed as bearish. That was justified as selling interest was renewed. Most importantly, the decline took EURUSD to a close beneath the 100-day average – the first time for more than four months. Further volatility is likely, especially after an Asian rally attempt, but our studies are bearish and we look for the currency pair to test the lower end of the Keltner channel.
Management and risk description
A move to 1.2155 means the stop can be lowered to break even.
Entry: Sell in 1.2178/83 area and at 1.2196
Stop: 1.2240 bid
Target: 1.2155, 1.2138 and 1.2103
Time horizon: intraday, closing 16:00 BST
— Edited by Clare MacCarthy
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