The consolidation we are seeing has delineated some obvious levels. Obvious levels can sometimes bit quite sharply when the market gets a little complacent around them. For now, though, 1.3430/40 and 1.3480/90 are the initial levels, though for the intrepid day-trader 1.3455/60 might provide an area to lean against for a shorting opportunity. Dont be too patient with day-trade shorts, though, what we are seeing does appear to be a consolidation with further upward potential.
Outside of those levels there are bids ahead of 1.3400 and while there are barriers around at 1.3500 and thus some more selling, be wary of shorts of a break through 1.3500.
