Bears tried to dominate during the Asian session but bulls have maintained their ground at 163.00.
Dailies are clear of a bullish trend with all arrows pointing up – higher highs, higher lows. Main bias is to go long but with price having gone this far without a correction, who has the nerve to buy into it? We are in fact in bear’s territory.
My immediate bias is still to short around 163.60 to 163.70 with a main bias of going long around the support levels I marked. I have tried shorting twice today only to have been stopped out. I’ll wait for the next compression and look for new entry points.