Hope you have monetized last night's move rather than calling it a bloodbath.
Short and sharp for today..... China is out, most of the sell stops were flushed, which leaves us with only buy stops lining from various levels from 1.2600 to above 1.274ish. Liquidity will be sub-optimal during the Asian session. 2 things can happen, moves can be exaggerated and gappy or it can be sleepy. My gut feel is that market will take this opportunity to eat the lower hanging fruits first and will await Ldn/NY session to push higher to close the week firm i.e. between 1.2650 to 1.2700.
In line with yesterday's expectation, 1.2530/40 to hold and 1.2680/700 to cap for now.
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| E$ Daily chart |
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