It takes too much energy to be against something unless it’s really important. ~ Madeleine L’Engle
Good morning. The euro is strengthening across the board on Greece bailout news.
Dollar’s decline continues after forming a reversal candle around 80. I guess it’s time to look at the range’s bottom where support is formed between 78 and 78.50
$1.3300 is intact after last test, but upside remains favoured as stock markets are likely to rally in the next sessions, hence EUR following.
The rally from 103 to 106 was very strong but maybe it’s time for a correction. 104.50/60 is where intraday support might be formed.
Yesterday’s candle suggests that a correction is due. However, AUDJPY is one of the main stock market followers, so current pullback is most likely corrective and will be short-lived
Recent candles are suggesting that rally attempts are short-lived and selling pressure is increasing.
Resistance at .8400 is intact but upside remains under pressure, so keep an eye on it.