Steve Lucas

SPOT EURUSD - signals revert to bullish, but look for pullback

​ Although our first downside target was met Wednesday, European trading saw limited movement in EURUSD. But the underlying positive tone, reflected in this week's report, reasserted post FOMC with a powerful move of more than a big figure. This kept the currency pair near the top of a bullish Keltner channel and took the market to new 2 ½ year highs. Of course, the speed and scope of the move means intraday signals for sentiment are overbought, especially after further Asian gains, but it is likely that a probable negative reaction will prove temporary. Therefore, our call for this morning is a modest Buy from 7am but leaving room to also Buy any Dip to 1.1721, Asian low. The risk is 1.1680 with an immediate target of 1.1777, Asia’s high. A move through that point then exposes sentiment to 1.1797 and 1.1816.


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Steve Lucas

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