1.28 handle Monday. 1.33 handle Tuesday followed by a 200 point slide. Moves like these beget illiquid markets for the foreseeable futures as few want to become cannon-fodder for the next several hundred pip ride.
1.3112 is the 38.2% retracement from Thursday’s lows at 1.2763 to this morning’s ifo-inspired highs at 1.3328.
Order boards have been wipped clean by the big moves of recent days except for stop-loss orders from those with misplaced entry levels earlier in the session. Expect a concentration of those orders below 1.3135 level on dips.
