I can see the start of a retrace possibly to the MA150 at 4915, or even as far down as the Pivot. It all depends on how the buyers react to Trichet in 40 mins. They may drive it back up again above 1.5. It will need a strong impetus to get there though. That was a steep bull move from 4830 with a fairly strong resistance forming on the H1 at 4989. The last H1 closed bearish below support of 4969, lets see where this one closes, if it closes below 4969 we have confirmation of a retrace especially if the move down goes beyond 50fib, Trichet may give the bulls more confidence though. Form your own opinions, this is my reading of the prices.
Lovely action for a Monday, eyes on 4915.
Then again what do I know...
Lovely action for a Monday, eyes on 4915.
Then again what do I know...