Well Jackson Hole has come & gone, Bernanke’s job seems under pressure & Super Mario struts his stuff today. With all this going on, you would have expected some dramatic price movement on EUR/USD. Apart from a spike testing our long term Bearish Channel’s Northern Boundary, really there has been little reaction to Friday’s goings on. Surfing The Pips webinar regulars have been on the lookout for this pip perfect test of the channel, so would be on good terms with themselves,going into a very busy news week.
With all the high impact news due this week, finding pure technicals might be a difficult assignment. As we stand, the bespoke Bearish Channel is EURO’s strongest resistance to the now six week old rally. Having said that, Friday’s spike was a break of building congestion, the upper trendline level to which, Price Action has returned and is now consolidated. With Daily & Weekly Pivots in close proximity and also at this level, it would not surprise to see more sideways inaction today. US Bank Holiday and Super Mario’s afternoon speech will only serve to enhance those consolidating prospects.
The Day Ahead
US Bank Holiday makes it a no trade day for Surfing The Pips so no directional call from me apart from…………………….probably sideways.
Look forward to catching up tomorrow when we’re back at work.