Stops taken out, quick move lower
Blink and you miss it. We’re at 1.1269 now.
As mentioned earlier, on days like these, markets tend to be a little jumpy as thin liquidity makes it all the more likely to see price extension below key levels. But the bigger question is can it last?
The dollar should remain bid in the session ahead but I expect price to still stick around close to the 1.1300 handle for the most part. Without confirmation from US traders later today on this break, it’s hard to see price action run too far to the bottom.
But no doubt, this is a significant break for the year from a technical perspective – albeit coming at a time when it can be viewed as a little skeptical.