EUR/USD acted exactly as expected yesterday but again refused to allow us onboard – it happens! NFP week consolidation suggested that PA would not stray beyond the 1.3815 DCZ. Indeed, that 1.3700 would provide the magnetic attraction. It’s fair to say the market ambled through the 53 pip range, rather than driving purposefully toward the lower DCZ. The only trend I can see at the moment is the now ‘habitual’ shunning of our orders – the Long signal we spotted again, totally ignored – no entry!
Positioned exactly mid the current DCZ range, PA seems in wait for the day’s news events which are important. DP and WP are in close proximity and I would expect PA has no intention of straying too far from the combo, until this afternoon’s releases. Pivot formation remains mixed so I’m happy to trade in either direction, though I expect poor liquidity this morning so limited opportunity.
The Day Ahead
Expectation: Low…….. Hunger for pips: High When in this situation it’s very important to change nothing – trade it as you see it – if it’s there!
High Impact News – CET
|1:45pm||EUR||Minimum Bid Rate|
|EUR||ECB Press Conference|
|4:00pm||EUR||ECB President Draghi Speaks|
|USD||ISM Non-Manufacturing PMI|
|Terrfic Thursday everyone.