Overall backdrop remains negative, but 1.3599 an important ST pivot. Over the past 24-hours the market has on a number of occasions attempted to push below 1.3599 (the 76.4 retrace of last week’s bounce) but hasn’t been able to sustain below that point. In simple terms as long as that point holds further range bound trading is quite possible. A meaningful (even 4-hour chart based) close below that point could argue that the market is beginning a more meaningful down move. Important daily chart pivot/support points beyond that are last week’s low at 1.3494 and the converged possible ABC equality target from the May highs and 50% retrace of the June ‘10/May ’11 rally; 1.3447-1.3408.
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