The rate is trading @ 1.3945 in this moment; during last session it went down from 1.4180 area to 1.3960 area; at open Monday night it went to 1.3920 area and up to 1.4000;
during last Friday the high was 1.4267; there is a lot of volatility; 1.4000 represent 23% correction of Friday movement; in the daily chart we are trading right in the middle of the bollinger band; also in the daily chart we are at the same value of the 23 days moving AVG; IF today will go to 1.3800 area a bearish scenario may start after breaking on the dawn side that value; to me looks much more possible we will range for today; between 1.39 and 1.4000 until the German factory order news, and than we may trade up to 1.4100 if confirmed the expectation, or that news will bring the rate down to 1.38.
Here are some support and resistance:
R3 1.4468; R2 1.4248; R1 1.4097; S1 1.3877; S2 1.3808; S3 1.3588;
fot today I do not have a trading plan right now;
I am short one unit; I am closing it right now: 1.3926 (it's 19 pips more since i have started writing this morning);
I will wait for an opportunity today, but most probably I will be out of the market for the whole day.
have a good trading day
:D
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