Liquidity conditions seem stretched
The EURUSD is back up above the 1.0788 level and looks to test the 1.0800 level again. We need a break above that psychogical level. The 1.0798 price was the high after the more inflation worried Fed minutes.
THe price of oil - which just has no love - is trading below $34.00. The S& P is trading at the lows and seems more vulnerable as it breaks below the 50% retracement for real at 1991 (1980 is the low now).
Liquidity conditions seem tested. Most the pairs had a run after the minutes came back to where they started and are now trying again. That says to me nervous trading still persists. If traders are nervous, fear is high. Not the best type of market to fight in. If the post minutes move is to continue, it needs to get above 1.08000 and stay above. Otherwise, this is just a test and failure of what was broken yesterday. hey
