OK – ahead of the ECB decision due later its becoming tough to generate much enthusiasm for EUR. There’s a lot of ‘wait and see’ out there. Fair enough too.
So, what is there to play with ahead of the announcement?
- To the topside, offers from 1.3235 through 1.3255.
- Stops above there with sellers again 1.3275 through 1.3300
- On the downside the bids at 1.3155/65 are close to getting tested. Again. Ordinarily I would suggest that if they get tested again in this timezone they wont hold and we’ll go trigger stops below 1.3155. The Golden Week lethargy, though … I think means we wont see the firepower in this timezone to really sell hard. I could be wrong, the downside is vulnerable with stops below 1.3155 and 1.3150.
