The Crossroad.....

Good morning folks!


Great field day in the E$ as it came off the high of 1.3373 to touch the low of 1.3277 before rebounding to close at 1.3317.


Judging from the past 24hrs price action, it does look to me like we may be in for some boring range consolidation with a slight downside bias into Europe/NY session.


That being said, I feel risk/reward favours buying on dips, though admittedly I have to rate this call at this moment at 5.5/10. 1.3240/60 to hold (1.3200/10 news induced) and 1..3355/75 to cap.


I will be watching A$ closely as momentum has turned up whereas E$ remains neutral. Basing on this scenario, it does suggest a potential near term ceiling for the EURAUD at around 1.2840/60.

E$ 2-hourly Chart

Hopefully the market reveal more signals to me, if not, I can't get too excited at this moment. Time to work on my driver's swing plane? Have a great day, nonetheless....