Against a background of bearish signals for EURUSD sentiment this week,
early Asian selling Tuesday yielded a new 8 month low. Those levels,
beneath 1.3400, were rejected sharply to take EURUSD back to almost
unchanged levels on the day which highlights a degree of investor
uncertainty. However, it is the sharp recovery that is assessed as the
key feature and in view of this our call is Bullish above 1.3479.
The immediate objective is 1.3568, the overnight high, with a move beyond that point targeting 1.3602, last Thursday’s top, or even towards Wednesday’s 1.3701 open.
Selling below the overnight base of 1.3479 is the risk to this call as it indicates that the rally from yesterday's low is weaker than currently assessed. Prices and sentiment should then decline to 1.3416, yesterday's European afternoon low, or even the day’s 1.3362 base.
The immediate objective is 1.3568, the overnight high, with a move beyond that point targeting 1.3602, last Thursday’s top, or even towards Wednesday’s 1.3701 open.
Selling below the overnight base of 1.3479 is the risk to this call as it indicates that the rally from yesterday's low is weaker than currently assessed. Prices and sentiment should then decline to 1.3416, yesterday's European afternoon low, or even the day’s 1.3362 base.
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