Dealers are singing the summer Monday blues with price action limited, except for the occasional air pocket. Case in point was the sharp slide from 1.4720 to 1.4690 in early New York trade. Two-and-a half hours later, guys still haven’t gotten the number of that bus.
All-in-all it looks like a quiet consolidation underway after a strong rise last week. All very healthy.
For those looking to tighten up a stop on shorts, a break of the 1.4790/00 area looks like it could have some legs to the topside. We’ve stopped in that region three times in recent days, so a break will like set off a scramble from the guys who came late to the party.
