Limited setback for EURUSD, upside still targeted
Friday’s, and last week's, strong demand for EURUSD was not extended yesterday. Instead the market consolidated above the 13/200 day Moving Average area and near to the top of the daily Keltner channel.
The range and net movements were limited and that lack of price action makes immediate signals for sentiment difficult to determine.
Our technical studies mildly positive with scope for a rise above last week's top.
Management and risk description
A move above 1.1200 means the stop can be raised to break even or better.
Entry: Buy in 1.1170/75 area and any dip to 1.1155
Stop: 1.1122 offered
Target: 1.1198, 1.1219 or even 1.1253
Time horizon: Intraday, end 4pm London time
Source: All charts from CQG
— Edited by Adam Courtenay
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