Counting down....

E$ continues to consolidate in a lacklustre fashion as if it was awaiting a certain trigger for a move either way. 1.3030/40 (61.8% fibo retracement) is probably a level market hopes to achieve if overwhelming and relevant fundamental is available to trigger that move. If not, strong bids around 1.3060/50 and the string of buy stops would mean a short squeeze being a more attractive proposition.

Asia order book:
Stop loss: 1.3115, 1.3130, 1.3160/65, 1.3175/80 and 1.3200/10
Limit: 1.3030-20 and 1.3060/50

Primary trend: Bullish
Intermediate trend: Range between 1.28 to 1.34
Minor trend: Mildly bullish - Corrective rebound for 1.3200/50

Technically, intraday indicators have all slipped back into the o/s territory though not extreme. Intraday momentum indicators are suggesting consolidation but the daily is still pointing lower which calls for caution as general trend remains bearish. However, with the emergence of the bullish convergence signal, it has increased the probability of a near term bottom forming. For today, I expect trading range between 1.3030/40 to 1.3180/3200.

E$ Hourly chart - Bullish convergence has increased probability of rebound