Another solid day of selling EURO’s on no trade Friday. With the Intraday Bullish Flag broken, the cross went in search of the next Support Level – and nearly found it!
In fact, the Support target (see Daily Chart attached) we have highlighted for many moons now, lies a mere 40 pips from Price Action (PA) as I open my charts for the week. It would seem a formality for 1.3450 to be tested in the near term but an untested Daily Pivot well above PA, may have something to say about that. We begin the week with a definite Bearish Pivot Formation and a classic NLNS (No Long, No Short) situation. A tiny Higher Low has just formed on M30 and whilst I’d prefer to see that on a bigger time frame before playing a DP Test Long, I’ll keep alert.
The Day Ahead
The untested DP will prevent me trading with the trend today, until that changes. If I’m to trade counter trend Long, the timing will need to be pretty good – patience the key.
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May your Monday be Magic.