Short squeeze keeps E$ stable.... (Update 1)

E$ was dragged lower by the fall of the commodity currencies albeit at a relatively slower pace, resulting in firmer EURxxx. For today, E$ should remain stable as market is potentially short squeezing overnight short positions of commodities. Let's see if ECB Draghi will add some volatility as he is due to speak at 9pm (Sin/HK).

Primary trend: Bullish
Intermediate trend: Bullish
Minor trend: Consolidate within 1.3010/20 to 1.3130/40 with eventual break towards 1.2930/50

London order book: No update due to technical feed problem

Technically, intraday indicators needs to unwind its o/s condition. Intraday oscillator indicator suggest consolidation and at current level may have upside bias. Though E$ closed a bearish engulfing candlestick pattern, price action suggest that we may not be ready to break down yet. Expected range today 1.3010/30 to 1.3130/40.

Update1: Looking to split sell rally at 1.3130/40 (1/3 ratio) and 1.3170/80 (2/3 ratio) with stop above 1.3210 with profit take at 1.3050.

E$ 4-hourly chart - Consolidation before lower