EURUSD - Temporary Setback likely

Confirming Tuesday’s and this week's, positive calls EURUSD was bought higher. New 4 week highs were posted as a 3rd up day in a row kept the currency pair tracking a rising daily Keltner channel. The proximity of the 100 day mvg avg (unbroken for 4 months), and overbought extremes, is a concern and some profit taking has already been attracted. Signals for sentiment are not strong but they do suggest scope for the negative reaction to deepen. Therefore, temporarily and cautiously, this morning’s call is a Sell at 1.1690 but leaving room to Sell any Rally to 1.1719. The risk is 1.1755, the 100 day mvg avg, with an immediate target of 1.1662, yesterday's low. A move through that point then exposes sentiment to 1.1639 or even towards Monday’s 1.1594 low point..

Demand Stalled

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