If the market can hang in a 1.2750/1.2815 range until news begins to break tomorrow, the bulls will be very pleased. We’re just below major resistance and look to be catching our breath for a continued move higher. A break below 1.2750 will cause some doubts to creep in while a move below 1.2690/95 will be a warning sign for the longs that the move may need a bigger pullback.
US trade figures are the only economic data point of note this morning. A deficit of $44 billion for the month of July is expected.
