We have quite a bit of news tomorrow so there really isn’t a lot we can offer today.   We see the market consolidating until the events of tomorrow cause market reactions.   We see the furthest support @ 1.58 which would give the Euro bulls an excellent buying opportunity.    Due to the weak correction from 1.59 to 1.56 it looks as though the trend has now been re-established.   The last thing left to do is clear 1.6.  

The 1.98 zone proved to be some good support for the cable today.   But, can this push through 2? If this pair can push through 2 then 2.0175 should be reached with a possibility of the 2.0250 zone being touched.   From that zone the pair should be met with a nice chunk of resistance.   The U.K. is just as exposed, if not more so, than the U.S. to the credit markets.   Hence, we don’t favor trading this pair.  

Price action has come back up to test the 106.75 zone which also happens to be the bottom of our 6 month trendline.   Could this be the beginning of the Bears having control again?   Once 105.50 is removed…South looks like a go to the 102.75 zone.   This might not move in a straight line as the times before though.   We have a lot of congestion to get through.