This will be a shortened week as most markets will be closed for Good Friday. However, US Change in NFP will be announced at 8.30pm. So make hay while the sun shines!
E$'s inability to penetrate the 1.3390/420 band on its third attempt will encourage profit-taking and this will weigh on the currency. Price action and momentum both also suggest a near term top with a potential correction lower.
I do not expect at this moment a major reversal from here despite a triple or some would want to think its quadruple top on the 2-hourly chart. However, a consolidation back to sub 1.3300 is highly probable.
So for today, 1.3380/90 to cap (1.3430/40 news induced) and 1.3240/50 to hold. Sell rally strategy. (7/10)
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| E$ 2-Hourly Chart |
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