In line with yesterday's forecast Wednesday’s demand was extended. In fact investor demand accelerated, using the 13 day mvg avg as a platform for a test of parity and the highest levels traded for 2 months. The scope of the move means intraday signals for sentiment are at overbought extremes. This offers the scope for a negative, profit taking, reaction, but our call for this morning is a Modest Buy in the 1.0018/23 area but leaving room to also Buy any Dip to .9991, yesterday's Marabuzo line. The risk is .9958, Thursday’s open, with an immediate target of 1.0043. A move through that point then exposes sentiment to 1.0060, May’s peak, then 1.0088.
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