In a day lacked of market moving fundamentals, it was just about gunning for stop loss orders. Heard during the NY session that the last batch of stops triggered were just below 1.2270, very decent size ones from some macro guys and it was new stop sell orders (they were expecting market follow through). After triggering, low hit was 1.2264 before market rebounded and stayed around 1.228ish for the rest of the night.
The rest of the surviving stop orders from yesterday's update are 1.2240 and 1.2385/90. I believe market should be caught alittle short and an update later should reveal more buy stops above.
Technically, shorter intraday indicators are in o/b levels as a result of this morning's rally up to 1.2306. Expect consolidation with slight downside bias to unwind before higher again. Momentum has turned from down to consolidation and expect trading range 1.2270 to 1.2340 first and if expanded, would see 1.2380/90 retested again. In line with yesterday's call, I still maintain buy dip strategy.
A break of 1.2240 would invalidate short term buy view.
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| E$ 4hourly chart |
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