No new fundamental as market retraced further to a low of 1.22666, just shy of the 61.8% level of 1.2352.
Last level of sell stops flushed was at 1.2290 and remaining ones based on yesterday's information are at 1.2392 and 1.2450.
Technically, intraday indicator has very much unwound its o/b condition and has slipped into o/s level though not extreme. Momentum continues to suggest consolidation. However, price action is showing some signs of support around 1.2280/90. If we look at the chart below, then the next phase should be one where E$ should rebound. Considering all available technical signals, probability has a 60/40 skew towards higher E$ today.
For today, 1.2250/60 to hold (stronger at 1.2200/10) and 1.2380/90 initial resistance (stronger at 1.2440/50).
 |
| E$ 2hourly chart - Further pattern repetition? |
No comments:
Post a Comment