I must admit it is getting boring now as the range tightens to 1.2890 - 1.2950 today (see chart). Yesterday, market talk has it that there was gamma interest on either side of 1.2900 with expiry rolling off at NY cut. However, from the looks of things, it seemed like it may not have expired yet. Frankly, its getting really tough now and getting in the market is more like betting in the casino.
Order book is as follows with stops at 1.2810/00, 1.2870 & 1.2888/90 and large limit orders at 1.2850/55 & 1.2880/85.
Technically, intraday indicator is at o/s level though not extreme. Momentum is flat with a slight hint of turning up coupled with mild sign of bullish divergence. Daily o/b condition continues to unwind as E$ closed lower on a day to day basis and weekly momentum is still pointing down. If someone point a gun at my head now, I would place a 55/45 chance to go long E$ to retest 1.3000 today. However, I prefer to wait out for clearer signals before reacting.
All the best, commandos!
Update1: E$ is heading towards the critical 1.2800/20 support and momentum still seem to be pointing down for now (current 1.2840). A break and close below that level would expose E$ to a possible test of the 1.24/25 region. No recommendations for now. Update will be delayed tomorrow.
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| E$ 4hourly chart - Awaiting to break out |
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