Technicals for WEEKLY EURUSD
After 3 weeks of oscillation around the 13 week mvg avg, last week's call was a neutral one. For the early part of the week that outlook was justified by the fluctuation, also around the 13 day line, ended on Thursday and Friday. Buying interest was capped by a Marabuzo line created Oct 20th and this translated into a powerful decline of more than 2 ½ big figures. The market moved comfortably below the 13 and 100 day averages and to the lowest levels for 14 weeks. The scope of the move means prices are oversold but an expected positive reaction should be temporary. So, this week’s call is a Sell but leaving room to Sell any Rally to 1.1694, a 25% correction of Thursday’s decline. The risk is 1.1776, a broader 76% point, with an immediate target of 1.1522. A move through that point then exposes sentiment to 1.1425, the open from 4 weeks ago, or even towards, but probably not as low as, 1.1312, July’s base.
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