Trapped no more....

Good afternoon friends. For my regular readers, most would have noticed that Tuesday's update will be later as I normally play my 18 holes in the morning. Further delayed today because I took on a quick long position at 1.33466 and took profit at 1.33556 :)  I can now stay focused to update my blog.

Market was pretty disciplined yesterday as it traded within the expected narrower range without much fanfare. High this round had been 1.3404 and was rejected another time at 1.3394. On the flipside, 1.3330 seemed to provide some near term support.

Order book isn't too exciting for now:
Stop loss: 1.3285/80, 1.3310/00 and 1.3400
Limit: 1.3450 and 1.3483/90 (opt)

Technically, fading upside momentum as evident in the hourly chart (below) suggest that E$ is probably nearing the last phase and any rally may not be sustainable. At the moment, E$ continues its consolidation within 1.3330 to 1.3400. Though longer term momentum is starting to turn lower, E$ is expected to trade firmer into early NY session to test the upper band again. I am mentally prepared for an expanded range to 1.3430/40 topside and subsequently breaking 1.3330 for 1.3310/00 in the next 36hrs.

E$ Hourly chart - Fading upside momentum