Once again E$ rebounded off support level but fell short of target as it topped off at 1.3044 last night in reaction to Greek conservative party head Samaras' statement that he was ready to tolerate a minority government.
Though short term downside momentum has weakened to neutral, the longer term momentum continues to point down which shouts caution. Past 24hrs price action suggest further pressure on the E$ as it failed to come close to covering the gap at 1.3080 in its second attempt. E$ looks heavy today and the sell stops below 1.2950 is attracting lots of attention.
1.3010/20 to cap (1.3080/3100 news induced) and targeting 1.2880/2900 and subsequently 1.27/2800.
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