Market unfolded as expected yesterday plunging to a low of 1.3133 before closing at the 1.3200. Despite the overnight bearishness, E$ has not closed a day below this pivot level to date this week. This signal further reinforces the bullish undertone.
As I am typing, E$ is clearing the first bunch of buy stop orders at 1.3210. Heard that the next clusters are at 1.3230/35 and 1.3290. Meaningful downside stops were pretty flushed after yesterday's sell-off. Based on this scenario, it complements my technical outlook.
Momentum has turned up and I shall maintain my Buy dips strategy. 1.3150/70 to hold (1.3100/20 news induced). Meantime, 1.3290/300 is the level to watch but 1.3330/40 should cap for today though I don't think we are going to see this level today. (7/10)
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