PA jumped straight out of the starting blocks yesterday and headed exactly where the Pivots suggested – SHORT to DS-1. There was no way to trade our expectation however – the day’s trading (Monday of NFP week) was over shortly after it began. Our attention turned to EUR/JPY which setup Long on H4 so we entered and are currently Free Trading on our S&R Strategy.
The battle of 1.3600 continues with neither side giving ground. Early NFP week tends to be a bit of a stand off so we may have to be patient (yes again). Pivots remain Bearish with DP all but tested. Nothing has really changed and I expect that may well continue to be the case until later in the week. Trading inside a developing range may well be the ticket.
The Day Ahead
The Double Bottom may well be enough to force PA back towards mid 1.36 so I might look counter trend Long as Plan A.
High Impact News – CET
|11:00am||EUR||CPI Flash Estimate y/y|
Terrific Tuesday everyone.