EURUSD - Bearish Outside Day Points Lower

Alan Collins 3cAnalysis

Modestly higher levels in early trading yesterday yielded our first upside target. But this demand proved limited and temporary. Sentiment turned sharply with the bulk of the day attracting steady selling pressure. The resulting decline took EURUSD back to the 13 day mvg avg but although that held, it is the creation of a Bearish Outside Day pattern that places the technical focus on the downside. So this morning’s call is a Modest Sell from 7am but leaving room to also Sell at 1.1411, yesterday's Marabuzo line. The risk is 1.1452, Tuesday’s open, with downside targets of 1.1358, yesterday's low, 1.1330, Friday’s open, or even 1.1306.

Bearish Outside Day

EURUSD Current Trading Positions

Sell 57%

Buy 43%

Avg Sell Price 1.1416

Avg Buy Price 1.1393

Liquidity Distribution

Author

Alan Collins

3cAnalysis

Alan has been involved in the financial markets for more than 30-years.

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