Last day of the month....

Good morning Monday!!!

Hope E$ longs had locked in some profit on Friday's rally ahead of the weekend.

Last day of the month, Japanese Golden Week, Labour Day tomorrow and US employment figures on Friday should see market players take a more passive stance today.

CFTC speculator's positions revealed that net E$ short has reduced somewhat to -113,376 from -118,125.
Order book still show buy stops at 1.3280 and 1.3320 and sell stops below 1.3175.

Looking at the chart, E$ is still contained within the raising channel with the falling trendline hovering just overhead around 1.3280/300.

I still see 2 way trading opportunities today but one should not get overly aggressive.

1.3165/90 to hold and 1.3280/300 (1.3320/30 news induced) to cap on first test.

Note that we are in the full moon zone from this coming Thursday to next Monday.

All the best and have a great Labour or May Day holiday tomorrow!

Update1: Will call off the buy side due to conflicting signals and will stay out for now.