We anticipated correctly suggesting there would be buyers early, giving way to Sellers later on. That’s precisely what we got as EUR/USD tested our 1.3450 Daily Critical Zone for the second day running. Also for the second time, the level was rejected. We saw the opportunity to trade the Long leg and placed the order which timed out. The very next candle produced the acceleration we were looking for and a TP-1, before the selling began without giving us the signal we sought.
So a substantial double bottom has now formed and we await confirmation or otherwise, that it will produce a reversal. Pivots are Bearish however and starting to suggest the cross is becoming stretched. Price Action sits on a very nice Support level and I’m slightly Bullish based on that evidence and will look for the confirmation to arrive.
The Day Ahead
Patience until the confirmation arrives – then Long is Plan A.
High Impact News
Wishing you a Wonderful Wednesday.