There is really not much fundamental supporting a move north. Now that the effect of the surprised 50 bp cut is over, traders are now discussing the possibility of a recession. A rate cut doesn't mean anything if it doesn't help the US economy much. To keep long story short, we might see 228.50 by Friday and next week we will be trading below 228.50.
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"Only when the tide goes out will we know who is swimming naked."