Goood Monday morning folks!! What a weekend!!! Hamilton looked set to win the Singapore F1 GP but his car failed him only to hand the trophy over to Vettel who drove a flawless race. On golf, when everyone was betting between Rory or Tiger to win the FedEx Cup, Brandt came from behind to walk away with the US$11mil paycheck!
Back to the market on Friday, E$ was rejected around the 50% Fibonacci ratio mark after printing a high of 1.3048 amid a very volatile environment, all due to poor liquidity. Focus remains fixed on Spain but the Troika will take a week break from negotiation and that should switch its mode to range consolidation for now with market seeking out stop loss orders in the process. Only potential mover to look forward to is the German Ifo business climate data at 1600hrs (Sin/HK).
Latest update of stop orders:1.2900 & 1.2920 and large limit orders are heard to reside at 1.2850/55, 1.2920, 1.3045/50, 1.3075/85 & 1.3100.
Technically, intraday indicator is in o/s levels though not extreme. Intraday momentum is suggesting range consolidation. Today's opening below 1.3000 should put E$ under initial pressure to test the 1.2900/20 support level and this is reinforced by the inside week bar from last week against the week before last (see chart). If that support band holds, we should see E$ gets suck back into the range.
For today, I expect range to be contained between 1.2890/1.2910 to 1.3040 (1.3100 news induced). I prefer to buy on dips with risk to 1.2840. Always remember to use trailing stops to protect your gains.
All the best and have a great week ahead.
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| E$ Weekly chart - Retesting trend line? |
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