Two of yesterday's downside targets were met as sellers dominated the early part of Thursday. But those new, marginal, 10 month lows were firmly rejected in the 2nd half of the day and modest gains were posted into the close. The proximity of the 13 day line is a concern but the bounce does leave intraday studies positive and so our call for this morning is to Buy in 1.1620/25 area but leaving room to also Buy any Dip to 1.1590. The risk is 1.1555, intraday Marabuzo line, with an immediate target of 1.1651, the 13 day mvg avg. A move through that point then exposes sentiment to 1.1680, Jun 14th Marabuzo line, and towards 1.1718.
Trade active:
1.1651 target exceeded. Stop raised to 1.1600, buy dip cancelled