Not too sure about you but I had one heck of a time staying up till 3am, hopefully for all the good reasons! :)
Clearly the past 48hrs, market was selling the currencies for month/quarterly positioning. Most of that flow should be over by now unless they want to deal for value today! I will be watching how the market close as it will provide me some technical leads to the underlying strength of the various currencies for the following period.
Back to the E$.....despite the sell-off in E$ on Wednesday and Thursday, market crept back after Europe's out to close above 1.3300 on both days. I believe market is now caught short, made even more vulnerable with the string of stop loss orders from 1.3310/20 (cleared), 1.3350/60, 1.3400/15/25 and 1.3450. E$'s rebound from the trend line (took several hours of test though) was definitely a relieve for the bulls and this opens up 1.3390/420 to be tested, potentially today!
1.3280/300 to hold with 1.3390/420 solely in focus!
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| EURUSD Chart |
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