Thanks to Guitar7 for reminding me.
For the last two days I’ve been banging on about the Jul 2012/Mar 2013 trend line and the 55 wma.
We’re still down here but have bounced for 2 days from the 1.2840/50 area and are holding today as well.
With Abe speaking at 9.30 gmt we could get some further USD action, though it’s likely to be yen based rather than dollar based.
So we could have a half decent short term triple bottom in place as well as maintaining the trend line.
The longs may benefit from a bout of profit taking as the day unfolds.
Topside we have the 55 and 200 dma meeting at around the 1.2995 mark so I would expect any big upside moves to be held here. Before there we have mild resistance at 1.2925 and then orders and options at 1.2930/50 as mentioned by Mike.
Downside we have mild support at 1.2841, 1.2801 then stronger at 1.2779 before the April low of 1.2744.
I’m tempted to see out the Abe tapebombs and then jump in. If we’re still at these levels I’m going to go long around 1.2850/70 with a stop at 1.2835. I may push my entry up to 1.2880 at the very most but would bring my stop up with it .
