Asian sovereign interest to dominate....

E$ reacted as in Scenario 1 (German Ifo to stimulate...., 24 Apr Wed) but with a low of 1.2954 before the rebound. High so far has been 1.3061 with the offer at 1.3065 capping any advance. Market chatter that a sovereign name is at the offer.
Just picked up reports that the S.Korean and Thai central banks have been active intervention USD buyers against their own currencies and these USD could well roll into E$ recycling demand later in the day.
US weekly jobless claims at 8.30pm (Sin/HK) should be closely watched in a relatively light economic data day.

Asian order book:
Stop loss: 1.2950/40, 1.3005/00 and 1.3070
Limit: 1.3065

Primary trend (> 3mths): Bullish (View negated if 1.20426 breached)
Intermediate trend (2wks - 3mths): Bearish for possibly 1.2850/70 (View negated if 1.32012 breached)
Minor trend (< 1wk): Bullish for 1.313/40 (View negated 1.29534 breached)

Technically, shorter intraday indicators are in the o/b zone though not extreme whereas the longer intraday still has more room. Intraday upward momentum remains strong and 1.3050 is the pivot where it can open E$ up to 1.3130/40. Currently, 1.3030 is providing support with stronger at 1.2990. Next level of resistance stands at 1.3075/85 and 1.3130/40. For those who were still long on yesterday's recommendation, don't forget your trailing stop.

E$ Daily chart - Early phase of the counter-directional correction