#EURUSD Trading Alert
Strong Sell Preferred
The euro has stalled above 1.2920 but the trend remains strongly bearish and calling a bottom is fruitless until we see meaningful technical evidence that the trend has changed. That is not to say the pair is in need of a bullish correction, but at this stage a correction would most likely come about as a result of profit taking, not meaningful sentiment shift, and therefore we expect to find more offers on any rally toward 1.30.
A sustained break back above 1.30 would shift our bias to neutral, and a break above 1.3050 could signal a low has been formed at 1.2920.
Strong Sell Preferred
The euro has stalled above 1.2920 but the trend remains strongly bearish and calling a bottom is fruitless until we see meaningful technical evidence that the trend has changed. That is not to say the pair is in need of a bullish correction, but at this stage a correction would most likely come about as a result of profit taking, not meaningful sentiment shift, and therefore we expect to find more offers on any rally toward 1.30.
A sustained break back above 1.30 would shift our bias to neutral, and a break above 1.3050 could signal a low has been formed at 1.2920.
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