Happy Post Easter, new month & NFP Week Surfers.
Last Thursday seems a long time ago and frankly the market has done precious little since. Quite unremarkable Price Action over the Easter break with EUR/USD now a mere 33 pips from where it closed when last we traded. Nothing more needs to be said really.
Daily Pivot similarly, has barely moved since last week but Monthly not so. Due to the sustained selling in March, Monthly Pivot has moved much closer to its peers and the trio now form a tight, perfectly structured Bearish formation. A sequence of Higher Hi’s & Lo’s has commenced on Intraday Charts after a nice Double Bottom #1 formed on Thursday. However, a Bearish continuation Channel #2 is the current result of that otherwise potential sign of reversal. A little mixed then as we begin our Pip hunt this week but with no sign of pressure relief on the EURO and Daily Pivot untested BELOW Price Action – I’m slightly Bearish.
The Day Ahead
Tough finding reliable Trendlines today and therefore trading opportunities. My fairly flat Resistance Trendline #3 will probably supply our best trading opportunity early on, should Price Action try to break Long. We may be able to find a False Break trade back to Daily Pivot – let’s make that Plan A.
High Impact News
|9:45am||EUR||Italian Manufacturing PMI|
Have a great week everyone.