EURUSD sentiment signals are not strong, but they are negative
Initial upside yesterday proved our positive bias but the gains were temporary and limited. Selling interest was attracted above the key 13 day moving average and this reversed sentiment to the degree that the pair had it most negative performance for four days was posted.
However not all of Wednesday’s gains were overturned and because of this, and the proximity of the 200 day line, signals for sentiment cannot be strong, but they are negative.
Management and risk description
A move to 1.1125 means the stop can be lowered to break even.
Entry: Sell in 1.1155/60 area and any rally to 1.1188
Stop: 1.1221 bid
Target: 1.1132, 1.1097 or even 1.1071
Time horizon: Intraday, end half an hour before nonfarm payrolls release at 1230 GMT
13 Day Caps
— Edited by Robert Ryan
Non-independent investment research disclaimer applies. Read more