SPOT EURUSD - upside rejection switched signals to bearish

In line with positive calls for Tuesday and this week, buying interest dominated the bulk of yesterday's trading. A 3rd up day in a row took EURUSD comfortably through 1.2000 to the most positive levels traded since 2015. The scope of these moves meant that intraday signals for sentiment are overbought and the day ended with a profit taking setback that, although limited, leaves our intraday studies mildly bearish. So, this morning’s call is a Sell but leaving room to Sell any Rally to 1.1997. The risk is 1.2039 with an immediate target of 1.1946, yesterday's low. A move through that point then exposes sentiment to 1.1916, this week's base, or even towards, but probably not as low as 1.1861, the 13 day mvg avg.