The 110 supply level is approaching quickly and the reaction @ this level can possibly determine the short term course of the pair. A clear break increases the probability of upward movement to the 110.5 level. A break below could see a retest @ 109.5 and as low as the 109.1 level. Sadly, there's little in the way of economic reports short term. Volatility near these key areas is always helpful when gauging direction.
We do have US factory orders to watch for @ 10 am ET followed by some bill auctions. Regardless, traders/investors have been eyeing this psychological level for a week, so I expect some movement throughout the US session this morning.
We do have US factory orders to watch for @ 10 am ET followed by some bill auctions. Regardless, traders/investors have been eyeing this psychological level for a week, so I expect some movement throughout the US session this morning.