Reviewing Signals and Setups From February 6, 2012
Second Skies | Feb 07, 2012 03:03AM ET
As we wrote about last week, the range high for this consolidation has held and the Euro failed to make a higher high. Since then, we’ve really had a choppy range, but a playable one whereby buyers and sellers seem apt to play a back and forth rally between 1.3045 and just north of 1.3200 like an old Connors v. McEnroe match of the 1980′s which you can see via the chart below.
As we look at the intraday time frame, we can note a couple of key things in the price action:
1) Price took 3 stabs at the range lows before holding the line. This is pretty traditional – usually whoever is in control of the directional intraday price action for clues.
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