DAILY SPOT EURPLN - Friday's trade idea and technicals
This week’s bearish signals are being confirmed, but with daily sentiment oversold from close to this year’s lows, Thursday’s signals pointed to staying square on the open and to selling the rally. Although a sequence of lower daily highs & lows was extended, the market traded sideways to close little changed on the day, the 3rd in a row. Signals for Friday are unchanged and the call is once again to stay square on the open and to sell on the rally at 4.2810, yesterday’s high with a stop loss at 4.2970, the 200 day average rate, or to sell down through 4.2590, this year’s low posted in Jan with a stop loss at 4.2720. Targets below 4.2590 are to 4.2465, August’s base and 4.2355, the May 2018 low trade.
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