No incentive to breakout....

E$ remained stucked within the defined range as expected. It was sold off during the NY session and consolidated till early Europe came in to knock it lower to 1.2838. Having studied the Asia order book, I expect the 1.28/1.30 range to hold for at least another 24 hours. There is basically no notable stop loss orders on the outside of the range to incentivize any breakout for now.

Asia order book:
Stop loss: Nil
Limit: 1.2750, 1.2820/00, 1.2993-98 and 1.3000

Primary trend: Bullish
Intermediate trend: Bullish
Minor trend: Bullish within the defined of 1.2800 to 1.3000

Technically, intraday indicator is at o/s level after the sell-off last night. Intraday oscillator indicator continues to suggest consolidation which at current level of 1.2845, there is more mileage on the upside. First level of strong resistance stands at 1.2890/2900. Expected range for today, 1.2820/40 to 1.2950/60. Risk/reward favours going long.

E$ 8Hourly