PM Update

It would appear some serious buy orders were hit just before S5; as I haven't heard any activity coming out of the ECB or BoJ concerning open market operations. We are still below the day's open by -30 pips, and are currently hovering around yesterday's low of "113.816."

The 300 EMA was breached slightly more than 4 hrs ago, and PA has since plateaued. Look for a retest of the 100 & 300 EMAs shortly after tomorrow's session in 1 hour and change. It's hard for me to give a buy recommendation on this pair given the past weeks' activity. If PA is able to weather a 300 EMA test and soars upwards, then the tide may have changed temporarily.

I expect to see another downward bust of the 300 EMA in tomorrow's session however, so get your finger on the sell key once again. If you got in a buy order when the 300 got busted, I hope you took some quick profits and got out.

Summary:

• This bull retracement up to yesterday's high will most likely be short lived; don't get your expectations up for a permanent upside reversal.
• Get your trigger finger ready to sell, the EMAs will be tested early in tomorrow's session