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The current mixture of strong macroeconomic signals and what is expected to be a strong showing from today's nonfarm payrolls report is flashing a "green light" to Federal Reserve hawks. Meanwhile, fear of Sunday's Italian vote seems to be fading.
Squawk / 23 September 2016 at 5:51 GMT
Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
EURUSD - Looking to the dfownside
In line with our forecast Wednesday’s downside rejection became more pronounced buying yesterday. This demand produced a 2nd up day in a row and a clear move through the 13/100 day mvg avg area. The highs were not held, as profit taking was attracted at overbought extremes. This setback reversed more than half of the original upside and has been extended in Asian trading. So although the market remains around the 13/100 day lines sentiment is assessed as negative.
Rallies are likely to find sellers near 1.1227 with potential on the downside to 1.1177, 1.1153 or even 1.1121. Only above 1.1258 is bullish.
23 September
yakcay yakcay
Hi Alan. Does it look like the sellers will dominate for the downside soon? Now that we are close to 1.1227
23 September
AlanCollins AlanCollins
Trading dominated by Sterlings weakness so this has been pulled either as not enough EURUSD activity in itself. Signals styill not positive though and so think the levels mentioned above remain valid, though downside potential is probably limited between 1.1165/77.
23 September
AlanCollins AlanCollins
1.1227 triggered after we spoke. Off the highs and we now suggest reducing around 1.1205 with a stop down to a tight 1.1230, due to lack of momentum.

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