 | |  | | Comment: The euro has sold off towards the 2 month uptrend at 1.1775
today. This is critical, while it holds scope remains to re-challenge the 1.1935
recent high. Failure at the trend line however would quickly swing the chart
rapidly from bullish to more bearish as this would increase the risk that the
range was developing into a top. Below 1.1765 (yesterdays low) would
target 1.1630/1.1595. Rallies intraday will meet interim resistance at 1868/71
ahead of 1.1935, which remains key.
Today’s trade: Longs reinstated at 1.1775, place the stop/reverse below
1.1765 looking for 1.1850/70 then 1.1915/35, where would cover. Reinstate
on a break.
Watch: Below 1.1765 - reinstate shorts. Reverse on dips to 1.1630/00 -
stop/reverse below 1.1595 for 1.1390/70.
Short term view: Neutral to slightly positive above 1.1775 uptrend. Target
1.1935.
Medium term view: Extension to 1.2125. |  |  |  |  |
|