1.3200 is an important pivot....

E$ exceeded my topside target pushing up to a high of 1.3194 before easing off on the back of offers, understandably from the party who is protecting an option expiry at the 1.3200 strike which is due for expiry NY cut tonight. The rally took out buy stops till 1.3180 and at this point in time, market looks quite flushed with an uninteresting order book. ECB Weidman's latest comment that ECB can still take further action triggered some selling but E$ found support at 1.3130. Not too sure how reliable this information but one of the FX vendor revealed that their retail speculators' position is showing around 65% short E$.

Europe order book:
Stop loss: 1.3000
Limit: 1.3200, 1.3070/50 and 1.3000

Primary trend: Bullish
Intermediate trend: Bullish
Minor trend: Mixed with upside bias

Technically, intraday indicator has come off the o/b zone following the consolidation last night till now. Intraday oscillator indicator has mixed signals but with a slight upside bias. If support at 1.3120/40 holds, E$ should push back to pressure the 1.3200 level and retest last week's high of 1.3243. 1.3200 is an important pivot point, inability to recapture this level will put pressure on E$ to test 1.3000. Expected range today 1.3120/40 to 1.3230/50.

E$ 6-hourly chart - Higher highs and higher lows....