Today's update will be delayed.
Even before the European leaders met, the bears threw in the towel and decided to cover their short position due to the fact that E$ appeared stubbornly firm. Stop loss orders were tripped on its way up to 1.24875 high. Currently, I learnt that there is a 1.20-1.25 DNT in place and this probably explains the strong offers from 1.2480 up. I have no clue on the expiry just yet.
From what I have gathered so far, stop loss orders appear lopsided at 1.2440 and 1.2390.
Technically, intraday indicators are in o/b levels with momentum turning from up to consolidation. This has increased the probability of a correction in E$. If E$ is rejected in the 1.2470/80 region, one can expected a test towards 1.2390/400 with stronger support at 1.2350/60. Risk/reward favours selling rally today.
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| E$ Daily chart - Bullish channel |
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