DAILY SPOT EURUSD - Tuesday's call and technicals
A two week rally has attracted sellers back to the market on Monday from close to the 100 day average rate, sentiment deteriorating by over ¾ Big Fig. A developing trend of higher weekly lows has been broken which is negative for sentiment. However, with prices testing both this year’s low at 1.1234 and last year’s base at 1.1215 the potential for profit taking rallies remains. For Tuesday though signals continue to point lower and the outlook remains bearish and the call is to sell on the open and then at 1.1352, a 38% recovery to the losses posted since last week’s top with a stop loss at 1.1378, a deeper 62% correction. Targets are to 1.1309, yesterday’s low, 1.1275, the 2 week base and 1.1234, February’s low trade.
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