Of course my view is totally biased and subjective in that I have a short position, and am looking for a move back towards 1.0350 in the short term. The hourly chart currently favours more sideways trading, though I’m hoping the MAs are about to turn bearish, and the daily chart is still in a bullish trend, though over-stretched in my eyes.
Dealers tell me that there are large stop-loss sell orders building below 1.0630 and if they get triggered, then my target will move a whole lot nearer. On the topside, a break back above 1.0850 will re-invigorate bullish momentum (and send me running for the hills!)
