Though E$ was stucked in a relatively tight range, it offered great 2 way trading opportunities yesterday.
The past 24hrs price actions continue to suggest that E$ is not ready to break on the downside yet and we may see another day of consolidation with an upside bias. I believe buy stops could have built up around the 1.3150/60 levels and this could trigger a squeeze towards 1.3190/220 before lower again. This view is reinforced by the waning downside momentum in both USDJPY and AUDUSD.
However, on the flipside, I do have some conflicting technical signals. In view of that, I would prefer to be more conservative.
So for today, 1.3000/10 to hold and 1.3190/220 to cap. Strategy: Sell rally
All the best!
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