The market continues to be impressively well bid on a close basis above the 100-Day SMA which currently comes in by 1.0300. A bullish outside day on Tuesday strengthens the case for yet another successful defense by 1.0300 (on a close basis) and this should now act as a catalyst for fresh upside over the coming days. Although conservative bulls might not want to get long until a break back above 1.0400. we like the idea of buying into another dip below 1.0300, on the expectation that the impact from the bullish outside day will eventually run its true course. STRATEGY: BUY @1.0270 FOR AN OPEN OBJECTIVE; STOP 1.0170. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5PM ET) ON WEDNESDAY.
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