EUR/USD intraday: Slight preference for selling rallies
There is a possible double top on the short-term charts (see members) at 1.3400 and this has its neckline at 1.3255. With EUR/JPY currently experiencing some profit taking ahead of the big BOJ risk event tomorrow, and with EUR/CHF having had its first major reversal on Friday, I’m tending towards a sell-rally strategy intraday in EUR/USD.
Look to sell near 1.3370 with a stop above 1.3410 and a target at 1.3270. Certainly makes sense for the bears from a risk-reward perspective.