We warned yesterday that today’s market wouldn’t be fit for man nor beast (except Bear, perhaps).
We traded lower overnight to squeeze out yesterday’s longs, rocketed higher in Europe to squeeze out the bears, and now we are cork-screwing lower to chop-out the latecomers to the bull’s party. All on a Friday month-end before a long weekend….
1.2325 and 1.2305 are speed bumps on the way down to session lows at 1.2280. 1.2380 is now resistance on rebounds intraday. EUR trades at 1.2345.
