EUR/USD must be nearing the end of its tether which continues to reel the cross back in, every time an ‘escape’ is attempted. Yesterday was another virtual replay as PA consolidated, burst Short ever so briefly, before the tether reached elasticity point and ‘twang’ – complete reversal. We spotted the Short signal and dependent on how close you allowed the order to remain in place prior to News, you either went to target or closed prior to entry.
Our pivots have begun the new week in Bearish formation with PA in the familiar ‘mid seventies’ between DCZ’s 1.3700/1.3815. NFP weeks of late, dominate this range and I would not be the least surprised that come Thursday, that’s precisely the range PA will once again be looking to break. With the top of that range tested yesterday, perhaps 1.3700 will be the port of call today?
The Day Ahead
Expecting range but happy to change, should PA play ball.
High Impact News – CET
|4:00pm||USD||ISM Manufacturing PMI|
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