Market Open to ECB PRESS CONFERENCE = 30 pip range. Reaction to NEWS = 100 pip rally. Post News = 30pip range. You could be forgiven for trading during the Press Conference yesterday but clearly for those who chose to leave our Long Order open, BIG profits – again. We anticipated the week would be a little “unusual” and its certainly having it’s moments.
An overview of the Higher time frame charts displays nice cyclicity, albeit it in a small range. Intraday charts on the other hand, show consolidation, spike, consolidation. Sure signs that the market is under Fundamental influence. For the record, EUR/USD is trending Long, as per our technical indicators (Pivots, Higher Hi’s/Lo’s etc). Only an untested Daily Pivot and an unclosed Gap (week before last) demands pullback. Everything else remains Bullish.
The Day Ahead
Under “normal” conditions it’s a case of wait for DP test, then look for Longs. I will still do that but because of the prevailing uncertainty, ANY & ALL trades will be small stake with Capital protection at a premium.
High Impact News
|4:00pm||USD||ISM Non-Manufacturing PMI|
Thoughtful Thursday everyone.
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