Happy New Week/Season Surfers – hibernation over!
The only word apparent on London Session trader’s lips appeared to be SELL, as EUR/USD crashed further, to a two month low of 1.2966 before somewhat of a late rally saw the cross close the week at 1.3021. It being Friday, we did not trade.
It’s REALLY tough to see EUR/USD finding a bottom anytime soon and therefore just as tough to trade it Long – for now! Our Pivots confirm the obvious visual aspect of what is an extremely strong Bearish Trend on most time frames, although Daily is above the market & untested. Our next Daily Critical Zone #1 at 1.2906 appears a likely short term target. The only sign of a potential rally I see is the Support offered by the topside of our former Resistance Trendline #2, where Friday’s bounce occurred.
The Day Ahead
I’m a strong advocate of our Pivots, in particular Daily and its relationship to it’s peers and of course, Price Action. For this reason, I cannot trade today, until I see either a reversal signal OR until Daily Pivot is tested. Curiously, the only Hotspots I have today are above Price Action and as always, if I get a signal at either, I will trade with a definite preference for Shorts.
High Impact News
|9:00am||EUR||Spanish Unemployment Change|
May March Make Many Pips for you.