Yesterday's price action confirms a follow through move of the bulls with a higher high, lower high marking, plus a white candle. Today, they will be test in several fronts.
Will bulls be able to break above 162 and trend to 164?
Will bulls be able to protect key levels - previous day's low, 50% and 61.8% retrace?
Will bulls be there at extreme support of 159?
UK CPI will be out at 3pm (GMT+8) today. It is expected to be lower. If the market reacts negatively, I am seeing a chance to buy at lower levels.
Consequently, this bargain entry may allow us to position well right before the string of red events coming our way at US Session (FOMC Statement) as well as tomorrow's London Session - SNB and UK Rate Policy.