Looks to me like the way to play this market is with a cautious bent if short. Should we hold the lows for the later half of 2011 at 1.3145 we could stage a significant bounce in the days ahead.
‘Fraidy cats (those short at levels fairly close to the market may want to place a stop just above the 1.3210/10 area while longer-term guys may want to use a stops above 1.3260.
No signs of a bounce at all this afternoon as we consolidate losses now in the low 1.3180s.
