Eyes on ECB....

E$ retested the DMA200 and topped off at 1.2877 before retreating to current level just below 1.2800. A bounce was expected on the later half of yesterday's session but it did not materialize but instead it closed a dark cloud cover candlestick pattern and that should put pressure on E$ for at least the first half of the trading session. Gathering all available technical signals, the bears should have an edge unless 1.2877 is taken out and that would open up 1.2930/50. But for now, expect market to trade within 1.2760/70 to 1.2870/80 with consolidative price action.

Primary trend: Bullish
Intermediate trend: Bearish for 1.2650/80 (still within bearish channel and below DMA200)
Minor trend: Mixed with slight upside bias

Europe order book:
Stop loss: 1.2730, 1.2755/50, 1.2885, 1.2900/10 and 1.2930/50
Limit: 1.2700, 1.2755/50 and 1.2780/70

Technically, intraday indicators have slipped into o/s zone though not at extremes. Intraday oscillators are suggesting range bound which at current level would mean more upside bias. Daily momentum continues to point lower. Quite the typical price action ahead of ECB tomorrow and Friday's US employment numbers. For today, trade the range with tight stops knowing the intermediate trend remains bearish.

E$ Daily chart - Still below DMA200