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Although yesterday’s report acknowledged a bullish bias we were a little cautious. Overbought extremes did lead to a profit-taking reaction, but the setback failed to break through the 100-day moving average or even test Tuesday’s Marabuzo line.
Management and risk description
A move to 1.0118 means the stop can be raised to break-even.
Entry: buy in 1.0087/92 area and and dip to 1.0061.
Stop: 1.0031 offered.
Target: 1.0118, 1.0145 and 1.0172.
Time horizon: intraday ending 1500 GMT.