Confirming Tuesday’s and this week's, positive calls EURUSD was bought higher. New 4 week highs were posted as a 3rd up day in a row kept the currency pair tracking a rising daily Keltner channel. The proximity of the 100 day mvg avg (unbroken for 4 months), and overbought extremes, is a concern and some profit taking has already been attracted. Signals for sentiment are not strong but they do suggest scope for the negative reaction to deepen.
We look to Sell at 1.1690 and 1.1719
Stop is 1.1755 bid
Targets - 1.1662, 1.1639 or even 1.1594
Closes 4pm London time