The weakness of the rally from last week's low was highlighted by a renewal of selling pressure yesterday. Most of Friday’s net gains were reversed and this downside has been continued in Far Eastern trading. Although intraday signals for sentiment are at oversold extremes, and so offer potential for profit taking, we look for rallies to be temporary and limited. In view of this our call is Bearish while below 1.3647. The immediate objective is 1.3567 with a move below that point targeting 1.3543 and 1.3484, last Thursday’s open and low.
The risk to this call is that oversold extremes begin to correct earlier and higher than currently assessed. This would be signalled by a move above 1.3647, yesterday's European evening high, with subsequent upside targeting 1.3697 then 1.3722, half of yesterday's net losses.
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Today's PIA First Call:EUR/USD - Bearish While Below 1.3647
Published 11/15/2011, 12:43 PM
Updated 03/19/2019, 04:00 AM
Today's PIA First Call:EUR/USD - Bearish While Below 1.3647
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