If they hold it down here (and they're certainly making an effort to) under 1.2620 for the day, I would say that does bode another sizeable chunk of downside action tomorrow.
But with the rally against USD in virtually everything else, I think they're pressing down with all their might to keep the lid on it...and once the market shakes off the bad economic report numbers (other than with the NFP numbers, usually pretty much forgotten within 24 hours), I think it could easily decide to head back up looking for 1.2800 and then fight a major battle between there and 1.2850.
As always, we'll see...
For daytrading purposes, I took a 15-pip loss but now have a 16-pip profit locked in, so worst-case scenario I'm plus-one for the day.
But with the rally against USD in virtually everything else, I think they're pressing down with all their might to keep the lid on it...and once the market shakes off the bad economic report numbers (other than with the NFP numbers, usually pretty much forgotten within 24 hours), I think it could easily decide to head back up looking for 1.2800 and then fight a major battle between there and 1.2850.
As always, we'll see...
For daytrading purposes, I took a 15-pip loss but now have a 16-pip profit locked in, so worst-case scenario I'm plus-one for the day.
Writer, currency trader, madman