Amazing. For the second time this week we’ve dipped below 1.4850 only to return to the level from which the decline began on the same day. Tuesday, we fell from 1.4950 to 1.4809 before retracing that entire move. Today, we fell from 1.4920 to 1.4842 and retraced the entire move.
We are now in consolidation mode around 1.4903. Should commodities and equities recover a bit more lost ground (stocks are off 1.6% and the CRB 1.3%), we may see a move through 1.4920 and squeeze higher once again.
