At 52 pips, yesterday’s EUR/USD range was greater than the recent average for ‘post NFP Monday’ but not enough to complete our Long order which is still free trading, some 18 hrs after it triggered!! Needless to say, PA was very lazy as it edged away from the 1.3700 DCZ.
DP & WP remain glued together and untested below PA, suggesting strong magnetism Short. The Bearish Pivot formation supports that theory but I’m not a fan of the Bears. Now back inside the 1.3700/1.3815 DCZ range and at the bottom of a decent looking Flag Pattern #1, I’m of the opinion that the quest for 1.4000 may be set to resume. A little conflict then, between the current Bearish Trend and a ‘bottom heavy’ Flag. Should be interesting!
The Day Ahead
Would like to see DP tested (after our existing trade hits target of course) and another setup Long, somewhat counter trend!
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Terrific Tuesday Trading troops.