Just when I least expected, EUR/USD broke the top of its recent range and headed directly to 1.3700 yesterday. Not that a 57 pip Day is anything to write home about, but on NFP Monday, my expectations were for consolidation, rather than breakout. Accordingly, I was happy to place an early Short order – it was totally ignored so no entry.
One might well conclude that there are some buyers about, given two consecutive decisive (relatively) buying sessions. Certainly the break back above 1.3650 appears contextually significant. The combination of Month end and the mini rally have thrown the Pivots into disarray and the untested DP, is our only directional pointer today. I’d be happy see DP tested and then look for the Buyers coming back in.
High Impact News – CET
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Terrific Tuesday everyone.