Yesterday's report highlighted a lack of clear direction for investor sentiment but also the support of a Marabuzo line created Jan 24th. These conflicting signals were emphasised by price action that kept EURUSD in a narrow range and, for a 2nd day in a row, limited net movement. Despite the underlying positive Keltner channel, immediate studies cannot be strong but our intraday studies are assessed as mildly, temporarily negative. So, this morning’s call is a Very Cautious Sell at 1.2415 but leaving room to also Sell any Rally to 1.2455. The risk is Friday’s 1.2493 top with an immediate target of 1.2387, yesterday's low. A move through that point then exposes sentiment to 1.2362 and this week's 1.2336 base.