Boy, I wish this week had been a more action packed one than the next.
At least for now, it seems apparent the market prefers to stay neutral and mark time into Friday's US employment numbers. E$ has been flirting around the DMA21 for the past 4 days and refusing to show side. But at 1.2920, we are way above the pivot of 1.2800/20 and staying above the top trend line (see chart) maintaining a healthy gradient. Taking all available signals, the bulls have a slight edge for now.
Having said that, on a bigger picture like in the next couple of weeks, technical signals are indicating consolidation and probably within the range of 1.2750/60 to 1.3100/10.
Noteworthy limit orders can be found at 1.2800, 1.2878 and 1.2970/80 and only stop loss orders at 1.2940/50.
Technically, intraday indicator is in neutral zone and momentum has turned flat to consolidation. My defined range still stand at 1.2810/30 to 1.2960/70. Though one may still take a chance by trading the range with tight stop on either side. I have to admit that the % call is declining and hate to say that its getting closer to throwing a die. Scalpers' day, stay nimble and disciplined.
All the best!
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| E$ Daily chart - Gradient still healthy |
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