Indeed 1.3480 level resisted E$'s advance and left the downside vulnerable as market went for stop losses below 1.3360 subsequently. I took profit too early on the E$ short.
Turned long E$ again after Bernanke spoke but price action at NY close did not give me much comfort. Stop loss placed at 1.3290.
Currently, long E$ and EURCAD and keeping fingers crossed as I try to get some sleep! :)
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| E$ 2 hourly chart |
Update 1: E$ remains vulnerable below 1.3350 for now but EURXXX providing good support. Any negative news could trigger another leg to test next strong support at 1.3270. Resistance band at 1.3390/410.
Holding on to my long E$ and EURCAD positions.
Scenario1: Regain and hold 1.3350 in the next 2-3hrs for a test of 1.3400 into NY
Scenario2: News induced dip to test trendline at 1.3250/70 support before recovery (low probability)
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