As expected Friday’s failure at the 13 day mvg avg proved important. With that point capping investor demand, selling interest was revived Monday with the resulting decline yielding our first downside target for the week, a 3rd down day from the last 4 and the most negative levels traded for 3 weeks. The scope of the decline means signals for sentiment are oversold, but allowing for a likely profit taking reaction, this morning’s call is bearish.
So we Sell in 1.2965/70 area and at 1.2986
Targets are 1.2933 and 1.2897
Stop - 1.3018 bid
Closes - 4pm London time