G’day Surfers – Happy Hump Day
There are days when EUR/USD trades inside a 70 pip range yet trading is possible and often profitable. Yesterday was NOT one of those days for me. At no stage did I consider entering the market, after our attempt to catch a cheeky break of our Resistance Trendline timed out. The market was displaying a see saw nature as Price Action gradually made its way 45 pips lower than London open. Let’s call it NFP week weakness and hope it doesn’t continue today.
The bearish continuation Flag we noticed yesterday http://clip2net.com/s/4QYDNS is still intact as is the influence of the Double Bottom (higher hi’s/lo’s on H4 Chart). No real change then apart from Price Action being BELOW the untested Daily Pivot, the reverse of yesterday! No surprise then that I have only a slight bias in favour of Daily Pivot being tested. Apart from that – completely open to what Price Action delivers. One Hotspot has been added to yesterday’s brace so potentially some more opportunities to find pips.
The Day Ahead
It’s entirely possible that Price Action will remain in the current range until Friday’s NFP News and with the continued zig zagging across Daily Pivot – likely! Maybe we can use that potential scenario to our advantage and find a way to trade Price Action to Daily Pivot today – it’s certainly Plan A.
High Impact News
|2:15pm||USD||ADP Non-Farm Employment Change|
|4:00pm||USD||ISM Non-Manufacturing PMI|
Wonderful Wednesday to you.