We are having a few tech issues and I cannot respond in the comments section.
Leigh asks the above question – the likelihood of taking out stops below 1.50 in the next few days ?
I suspect that a test lower will happen over the next few sessions. The optionality at 1.5050 is likely significant and the barrier at 1.5000 moreso. we have to remember that we have not been down here for some time and it’s reasonable to expect strong protection particularly of 1.5000.
Having said that the market is short and expectant of the continued down move. If we don’t attempt the downside in the next 2 sessions then we could take out the topside to washout weak shorts before another move down.
Also do not expect the lower levels to give in easily. There will be some heavy profit taking by the serious money who sold at 1.62-1.63
