For the past 24 hrs or so, though E$'s trading range has been tight and unexciting, it has in fact revealed a couple more supporting signals for an imminent rebound. Firstly, 1.3000 seems to hold quite well and secondly, price has drifted past trendline resistance turned support (see chart). Of course, E$ bulls still have quite abit of work to do as it is currently still trading below important pivots, the daily MA100 (1.3064), MA200 (1.3074) and MA50 (1.3085). However, other bullish signals like the bullish convergence and o/s daily indicator keeps hope alive, not forgetting the firmer EURxxx.
NY order book: (from last evening)
Stop loss: 1.2985/80, 1.3055-60, 1.3065-70 and 1.3110
Primary trend: Bullish
Intermediate trend: Range between 1.28 to 1.34
Minor trend: Mildly bullish for 1.3200/50
Technically, shorter intraday indicators are approaching o/b zone but still room for upside move. Longer intraday indicators are only just coming out of the o/s territory. Intraday momentum indicators are beginning to turn from mixed to slight upside bias. Taking into consideration all other technical signals, R/R favours trading from the long side. Expected trading range 1.3010/30 to 1.3130/40. Its Friday, stay nimble and learn to take alittle profit around the daily MAs if momentum starts to falter.
|E$ Hourly chart - More signals to support a rebound|