The NFP announcement on Friday failed to make an impression on the market which produced a meagre 59 pip range for EUR/USD. The 1.3700 DCZ held and the week ended 2 pips above that level.
After a third consecutive week of selling (albeit restrained), still the question remains “is this sufficient retracement”? Of seven “retracement phases” since PA reversed in July of 2012, only one has put more than 3 weeks of selling back to back …….. hmmmmm…..significant? Pivots have now aligned in Bearish formation with DP snuggled closely to WP and untested above PA. Lots to consider then as we enter the post NFP week. Here’s one more – the average range of EUR/USD in the past 5 post NFP Monday’s, is 48 pips!
The Day Ahead
DP test will be my favourite play but currently, a Trendline to accommodate that – doesn’t exist. PA to the rescue? More questions than answers today – take it easy.
High Impact News
Magic Monday everyone.