When EUR/USD ranges 22 pips in an entire day’s trading, it’s usually a Bank Holiday and yesterday it was…. in London. So, that covers yesterday…..we can reflect on Easter holding the market back. We can also offer that we are about to enter Northern Hemisphere Summer and the “quiet” trading season (equity market mantra: Sell in May & Go Away) No matter your opinion as to why – EUR/USD (and it has some mates) simply refuses to move from it’s current sideways trajectory. That cycle will end – let’s hope it’s soon or the ‘go away’ bit begins to sound appealing!
What can one say but: here again we sit at the high side of the range with Bullish Pivots ever hopeful to be proven correct. They have been trying to stimulate some buying for nearly a month now, with little success. Intraday wise, it remains more appealing to trade inside the range but if a Hotspot can locate the break point, perhaps a little of the position should remain open, for the surely overdue, major movement!
The Day Ahead
No change – just like the patient fisherman waiting for the bite. Baits in place – here fishy, fishy.
Hope you land a big one.