Good morning folks, today we celebrate our nation's 47th birthday, a relatively young country, huh.
Reports that Italian Prime Minister Monti is facing pressure to reject a bailout was the only meaningful eurozone related news and that was probably the only reason to send the E$ lower, albeit in a controlled manner.
Stop loss orders were cleared at 1.2370 and 1.2342 and from yesterday's update, those at 1.2450 is still around.
Technically, shorter intraday indicator is nearing o/b levels, though longer term ones still have room for further upside. Momentum has turned flat and suggest further consolidation for now with risk of an eventual breakout within the next 48hrs. Having fallen to the low of 1.2327 yesterday has already achieved my first target of the correction lower. But that was only the 38.2% target, the 50% and 61.8% being 1.2288 and 1.2252 respectively. However, I have a mixed bag of signals now which is making today's call quite tough. Having considered all available information, I prefer to eventually trade on the long side, but its just a matter of level. I have to admit that if I have to force a view today, it will be a low percentage call. Will just have to monitor the movement and trade accordingly as signals evolve.
For today, strong support at 1.2250/70 and initial resistance at 1.2450/60, stronger at 1.2520/30.
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| E$ 2hourly chart - Pattern repetition? |
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