A 52 pip Friday, mostly positive, saw EUR/USD find Support in the 1.3600/Support Trendline confluence. This crucial area failed to yield but on what has become a typical small range, it’s difficult to tell if that will remain the case.
We begin the new week with DP & WP in very close company, heading a Bearish Pivot formation. The first five H1 candles today formed a defiant looking base on DP, suggesting PA might struggle to get below that level. Indeed that Chart looks to be cycling Long. In the absence of a strong reversal pattern however, I’m still favouring the Bears. Having said that, it’s Monday of NFP week so consolidation is the highest probability play today.
The Day Ahead
Often, when I expect little of the market – it produces. Let’s hope today is like that – Short is my preference.
High Impact News
|All Day||EUR||German Prelim CPI m/m|
|4:00pm||USD||ISM Manufacturing PMI|
May your Monday be Magical.
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