Sustained buying through Asia Session was the “main attraction” on EUR/USD yesterday, leaving us with not much room to manouvre. The setup was indicating Long was the way to go and we received two invitations. Our first entry hit TP1 and a Break Even trade. #2 was a Classic STP Trade which hit target before Price action (PA) turned again. Nice work with little room.
The day prior to NFP is often a “wait & see” proposition and EUR/USD appears to be “settling in” around an already tested Daily Pivot (DP) which leads a Bearish Pivot formation. Although they “turned up” I sensed a lack of conviction from Buyers yesterday – not taking advantage of the near ideal buying conditions. My bias is tempered by NFP tomorrow but still the Reversal potential exists. So too, does the hint of a Continuation Flag #1 so it’s a little mixed but countertrend Long as a slight bias.
The Day Ahead
As usual on NFP eve, a mountain of Red News so early will be our best trading opportunities. Thinking Long but prepared for anything.
|1:45pm||EUR||Minimum Bid Rate|
|2:30pm||EUR||ECB Press Conference|
|USD||Advance GDP q/q|
|8:00pm||EUR||ECB President Draghi Speaks|
Have a great Thursday.