As keen as we were to bank some pips with the Flag break yesterday, EUR/USD had made it’s move, well prior to our working day. The selling that began in Asia Session continued through UK Session, until 1.2475, where PA commenced consolidation. The only setup was a Long on our Swing & Relax strategy but buyers were nowhere to be found. That order is yet to be filled.
As we enter the ‘pointy end’ of NFP week, Fundamentals will seek to dominate the market. We will need to be on our toes early today, before the potential game changers enter the fray. It’s still all about DCZ 1.2510 and Asia has spoken this morning, pushing PA back above that level perhaps seeking a re-test of the broken flag. Very little has changed with Bearish Pivots confirming the still very Bearish trend and confidence building in the USA. That said, I’m fully expecting a quiet ‘pre-news market’ and will look not to stray too far from the DP/DCZ area.
The Day Ahead
Not expecting too many opportunities and looking for entries that take me towards the aforementioned magnets rather than away from them.
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Have a great day.