I was abit late into the selling yesterday but still managed to walk away with a decent forty over pips during the Ldn/NY session. Not too sure about you but I am happy for an intra-day trade :)
True enough, market gunned for the sell stops but 1.2550/40 remains unscathed for now as low for yesterday was 1.2557. This coincides well with my view for today. See chart below where I have circled last Monday/Tuesday bars for the purpose of comparison. I see some follow through sell momentum from yesterday's weak close and hopefully E$ takes another jab for the 1.2550/40 stops where it should hit the trend line support and then rebound.
Expect price action to be corrective and do not extrapolate the next phase based on the previous, its a different cycle already. EURAUD broke down sharply overnight which implies risk on but that would also suppress E$'s bullishness.
For today, I look to buy the dip. 1.2520/40 to hold and 1.2650/60 to cap.
 |
| E$ Daily chart |
No comments:
Post a Comment