This pair does like a good bottom.
We had a good one previously at 1.0220 and now we have another at 1.0150/60. On five occasions we have bottomed here with even the pre data release action getting mopped up at 1.0160.
The overnight rally has also shown where the decent sell interest is. The 1.0250/55 area has topped us out also on five occasions.
It gives the basis for range trading while things are moderately quiet. With not much data on the calendar look to trade the extremes but with a fairly tight stop.
While Mike’s beavering about doing the orders here are some other levels to note.
Below
Strong support at 1.0140/45,
Support 1.0123
Jul12/Mar13 low trend line 1.0118,
March low 1.0114
Above
55 H4ma 1.0267
100 H4ma 1.0278
Broken trend line 1.0282
