I thought it will be sluggish but it beat my expectations yesterday... it was totally dead!! Looks like the Jackson Hole symposium and month end this Friday is holding back all the actions. Even the German IFO number did not inject any excitement.
As evident in the order book, there seem to be a lack of conviction in the market, liquidity is definitely sub-optimal. Based on yesterday info, stop loss orders can be found at 1.2620 and 1.2390.
Technically, intraday indicators have slipped into o/s level. However, momentum is still showing scope for further probe to the downside. That being the case, I would stay patient to buy the dip toward the lower band of the channel and hope for the stretched rubber band to snap back.
For today, 1.2360/80 strong support with 1.2510/20 as initial resistance and stronger at 1.2580/600.
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| E$ 8-hourly chart - Bullish channel |
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