For the third day in a row, there was NO MARKET yesterday. EUR/USD was again, completely untradeable, ranging 58 pips and closing 31, below its open. Our attempt to play the Daily Pivot (DP) test was totally ignored by Price Action (PA) and our capital remained safe.
EUR/USD sell off resembles a volcanic event: an initial surge, followed by a slow, oozing lava flow down a mountain that took ages to climb. As we approach NFP Friday and the Syria situation simmers, the market appears extremely cautious. Fundamentals aside, our Pivots are Bearish and yesterday’s target area of 1.3115 is yet to be tested. Again, that’s where I see PA deciding if the current Bearish movement, over rides the longer term Bullish Trend.
The Day Ahead
Without Trend, our Hotspots are a little elusive and direction cloudy. If the opportunity arises to trade to the 1.3115/Support Trendline confluence – I’ll be there and VERY interested to see which direction is next.
High Impact News – C.E.T.
Wishing you a Wake up Wednesday.