Despite Tuesday’s close below the key 13 day mvg avg
, yesterday's negative call did not prove correct. Instead the bulk of the day was dominated by a profit taking reaction to 3 consecutive down days. However, net movement was minimal after the upside was reversed into the close after Monday’s Marabuzo line attracted sellers and EURUSD
close around the 13 day line. This upside failure renews the negative bias and so, with some caution, this morning’s call is a Sell but leaving room to Sell any Rally to 1.1970, Asian high. The risk is yesterday's 1.2018 top with an immediate target of 1.1923, yesterday's low. A move through that point then exposes sentiment to 1.1889, Dec 28th low, or even 1.1859, the open from 2 weeks ago.