E$'s consolidation ended faster than I expected yesterday and quickly fell to test the neckline support (see chart). Ability to hold this support for more than 6 hours, reinforced by bullish divergence and waning downside momentum, have increased the probability of a rebound in E$ today.
Couple of things to note, market is trading on very poor liquidity and we have the US employment numbers on a full moon day. So therefore expect choppy price action.
Taking all things into consideration, risk/reward favours buy on dips. Just manage your own risk knowing that the bigger trend is pointing down with 1.27/2800 target in mind. (6/10)
1.2990/3000 to hold (1.2950/60 news induced) and 1.3140/50 to cap (1.3200/10 news induced)
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| E$ Daily Chart |
All the best and have a great weekend!
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