Minor trend flipping....

Fed did not provide anything new to jolt the market but BOJ Kuroda did overnight. There was speculation that Bank of Japan will accelerate the monetary easing to quickly achieve the 2% inflation target that he set out at his first press conference. This resulted in a wave of USDJPY and EURJPY buying pushing E$ to touch 1.2978 high before it fell back to close at 1.2939, forming a bullish piercing candlestick pattern. Gradually, technical signals are beginning to swing from bearish to mildly bullish over the past couple of days.
Fundamentally, Cyprus remains as a time bomb until an acceptable resolution. Other than that, a slew of economic data releases out of Europe into NY should provide sufficient stimulant.

Primary trend: Bullish
Intermediate trend: Bearish (price still within bear channel and pivot at 1.3120/30)
Minor trend: Mildly bullish (bullish divergence and bullish piercing pattern are putting pivot back on the radar)

NY order book: (No meaningful update on Asian book yet)
Stop loss: 1.2840, 1.3000/05, 1.3015 and 1.3040/50
Limit: 1.2990/3000

Technically, shorter intraday indicators are getting near the o/b zone though not extreme. Intraday momentum suggest that market to consolidate within yesterday's range. With that, I expect E$ to push higher first but capped around 1.2960/70 before falling back probably during the Europe/early NY session. However, there is a good chance of seeing firmer price action again in the NY session.
For today, expected range 1.2880/90 to 1.2990/3000 (1.3030/40, news induced). I prefer to buy on dips, scaling in at various levels starting from around 1.2920 (with the smallest notional). Stop below 1.2840. Monitor short term oscillators for more precise entry levels.

E$ Daily chart - Still trapped but bullish signals gaining