Not surprisingly, Friday was another non event day, producing a 26 pip range. With a Thursday NFP and Independence Day in the States – it was all about the Long Weekend, not trading.
It doesn’t often happen that Monthly, Weekly and Daily Pivots congregate in the same place but this week, that’s precisely the situation. A mere 16 pips covers the extremes of a ‘barely’ Bearish Pivot formation. Interestingly, our favourite DP Test has been ‘on vacation’ with only two such occurrences, in the past six trading days. With PA 35 pips below the untested DP – I’m thinking counter Pivot formation, to reverse the untested ‘trend’. I would concede that the Bears appear hungry however and a DP Test might just set them off again.
The Day Ahead
Thinking DP Test and hopeful PA will be sufficient and that some sign of reversal occurs to allow us to trade.
High Impact News – CET
Magic Monday everyone.
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