EURUSD, Weak rally keeps sentiment negative

Alan Collins 3cAnalysis

In line with this week's bearish call, early price action Monday saw EURUSD sold to the most negative point for 13 months. But the lows were not entirely maintained as some profit taking developed at oversold extremes. The rally was a weak one and a 3rd down day in a row was posted. Further rally attempts cannot be ruled out but this morning’s call is a Cautious Sell in the 1.1405/10 area but leaving room to Sell any Rally to 1.1433, Monday’s high. The risk is 1.1468, Friday’s Marabuzo line, with an immediate target of 1.1365, yesterday's low. A move through that point then exposes sentiment to 1.1334 and 1.1312, July 2017 low.

Negative Channel

Author

Alan Collins

3cAnalysis

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

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