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Range top to range base in one day

Range top to range base in one day

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Jamie Coleman
02/01/2013 | 18:31 GMT

Ah, sweet volatility. I missed you, baby…

We’ve begun 2013 with a bang and have seen EUR/USD test the upper reaches of the late-December ranges near 1.3300 only to slip back close to the base of the range in the 1.3150 area.

Stops are building below the 1.3140 level and could become vulnerable later today if equities give up a substantial portion of their healthy gains. Shares are up 1.8% on average at the moment.

Near-term, buying dips ahead of 1.3140/50 looks like the way to play with a tight stop looking for a quick rally back above 1.3200, taking advantage of the still-bullish medium-term charts.

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