DAILY SPOT EURPLN - bearish exhaustion and signal switch
Tuesday’s signals for EURPLN continued to point lower and these were confirmed with sentiment posting a 6th lower daily high in a row and a loss of almost 1 ½ Big Figs on the day. A sequence of higher monthly lows has been ended, a weekly bull trend has been broken and prices are trading below their key daily averages which is all negative for sentiment. However, daily signals are oversold and a recovery into yesterday’s close has formed a Hammer, a signal highlighting bearish exhaustion. Any gains should be temporary, but for Wednesday the outlook is cautiously bullish, buying on the open and then at 4.2270 with a stop loss at 4.2190, just below yesterday’s low. Targets are to 4.2410, Monday’s Marabuzo line, 4.2510, the 100 day average rate and 4.2610, the 200 day line.
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