The inverse head and shoulders played out to the measured move with weakness creeping in since the Asia session.
Difficult to draw any conclusions before the Jan CPI report. I will be keeping things tight and going for small fish until the US session. 1.2400 and the 38.2% area of the February swing low will be my ‘line in the sand’ for a continuation of strength seen in the pair the last two days.- You don’t need me to tell you this yet I’m going to say it anyway …………….Be extra careful of the pending data release. Markets are on a knife edge and understandably nervous on account of the recent equity correction and yield moves.
Ryan has highlighted some large option expires here. Note that these are for 10:am NY ( 15.00:pm GMT ) post data.
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