I attempted to buy the dips yesterday but felt uncomfortable when the momentum continued to point down. Did the right thing by tightening up the stop and eventually walk away with a small bruise. I was complacent not to place more importance when market touched and backed off from 1.2670. That was the retest level of the trend line where E$ broke down from last month (see yesterday's chart). Greece election on this coming Sunday (17 Jun) would dampen any E$ bullishness for now.
Currently, stops can be found at 1.2445/40, 1.2425/20 and 1.2360/50. Did not hear anything on the upside though.
Looking at the price action, it seems like market wants to take the E$ lower to the first support level, 61.8% retracement of 1.2288/1.2670 which stands at 1.2435 and subsequently to 1.2400/380. Admittedly, I have bearish and range bound signals for now which can be quite mixed. I would stand aside and await for further development before committing to a trade idea.
1.2540/50 to cap and 1.2400/380 to hold for today.
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