In my previous 2 write-ups titled "Turn of event" and "Bears awoken", you would have noticed that I was apprehensive in being too overly bearish the E$ for this round. Yesterday, I briefly mentioned the eclipses I drew but left it without more detailed elaboration. Let me now share my thoughts with you here.
Cross referenced the E$ with the A$ has helped in one way. The other was the mirror image (you can't be serious????). Notice the price action in the eclipse on the left, a dip into the 1.30ish zone saw a strong bounce back into 1.3200 (in reverse). Subsequent test of the 1.3000 baseline seemed to have similar reaction though to varying degree of rebound. Those observations coupled with other simple technical indicators have helped reinforced my view.
So what's in store for us today after overnight's strong performance? A strong close above the 1.3100/20 resistance band has formed a bullish piercing pattern. This has increased the probability of a potential follow through from yesterday's recovery.
1.3055/65 to hold and 1.3200/10 to cap (1.3250/60 news induced).
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