My elaborate update will be delayed till around 1400hrs (Sin/HK) today as I will be heading off for my 18 holes.
But generally, the E$ has finally been rejected above 1.3100 and the recent high of 1.3139 is very likely a near term top. With a bearish piercing pattern on the candlestick pattern based on yesterday's price action, the probability of follow through pressure on the E$ is high.
I expect 1.3100/10 to cap (1.3150/70 news induced - EU Summit) and 1.2990/3000 (pivot) to be tested. If pivot point fails to hold, it may open up 1.2850 to be retested again.
Update1:
Midday update of noteworthy orders:
Stop loss @ 1.3040, 1.3100/10, 1.3150, 1.3170/72 & 1.3200
Limit @ 1.3000-20 & 1.3150
Technically, intraday indicator has unwound from its o/s condition but with still lots of room on the downside. Shorter term intraday momentum has turned from consolidation to down though the daily and weekly are still pointing up in the meantime. As mentioned earlier, the bearish piercing pattern has already pressured E$ to break below yesterday's low of 1.3055 to today low so far at 1.3046. From here, technical signals are suggesting E$ to target 1.2990/1.3000 support level but 1.3030/40 would offer an initial bounce. Range for today 1.2990/1.3000 to 1.3100/10. Expanded range (news induced) 1.2950/60 to 1.3150/70. 1.2990/1.3000 is an important pivot, a close below would increase the probability of E$ testing the 1.2850 level next week. For those who are still holding their short E$ from Wednesday or yesterday, should look to take some profit above the pivot and put on a trailing stop.
All the best and have a great weekend!!
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| E$ 8 hourly chart - Consolidation shall persist? |
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