Upside rejection to dominate EURUSD this week
Despite bearish sentiment there was minimal net movement in EURUSD last week. A mid-week spike higher and the subsequent 160-pip dip were both rejected. This kept the currency pair fluctuating around the 13-day moving average.
Management and risk description
A move to 1.1131 means the stop should be lowered to break even or better.
Entry: sell in 1.1195/1200 area and any 1.1262 rally.
Stop: 1.1324 bid.
Targets: 1.1131, 1.1069, and 1.0932.
Time horizon: this week, ending Friday 1200 GMT.
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— Edited by Michael McKenna