Watch for EURUSD to keep drifting lower

The upside for EURUSD stalled, and reversed, on Thursday marginally short of this week’s top. Net losses were posted for a second day in a row.

The decline was modest though. Based at the same levels as the two previous days, EURUSD remains above its 200 day moving average and near the top of the daily Keltner channel. But that channel is flattening and given that EURUSD was sold at lower levels in Asia, our intraday studies are left negative.

Management and risk description

A move to 1.0836 means the stop can be lowered to break even or better


Entry: Sell in 1.0865/70 area and at 1.0897.

Stop: 1.0933 bid.

Target: 1.0836, 1.0820 and 1.0791.

Time horizon: intraday, ending 1500 GMT.

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