EURUSD – Temporary profit taking to deepen
Yesterday's positive bias was confirmed as EURUSD was bought to higher levels for a third day in a row. But although EURUSD was sustained above the key 13-day moving average, profit taking developed near 1.2400 with sentiment overbought. The resulting setback left the currency pair with only minimal net movement and although the undertone is unaltered, immediate studies suggest a deeper reaction to retest the key average.
Management and risk description
A move to 1.2339 means the stop can be lowered to break even.
Entry: Sell in 1.2360/65 area and at 1.2380
Stop: 1.2416 bid
Target: 1.2339, 1.2320 or even 1.2281
Time horizon: intraday, closing 16.00 BST
— Edited by Clare MacCarthy
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