Happy New Week Surfers.
Typical NFP Friday really with no market leading up to the announcement, a bit of a flurry (this time only 63 pips) after the news and then nothing after that. The employment change was better than forecast so EUR/USD slid the 63 pips for a daily total of 82. Needless to say, we (like many others taking advantage of a July 4th extended weekend) were otherwise occupied.
EUR/USD begins the new week under enormous pressure, trying to climb back above our final Support Trendline #1, protecting the cross from a beckoning chasm. The 3 Black Sisters we noticed two weeks ago on Daily Chart http://clip2net.com/s/5lXGpU are born again, this time on the Weekly http://clip2net.com/s/5lXKGy. Definitely NOT a good look! Trend is Bearish, Pivots likewise. The ONLY positive evidence can be found in an untested Daily Pivot (DP), above Price Action (PA) and an intraday Base that has formed. I can’t get too excited about either saving the day but I DO respect our #1 Trendline – it seems PA does as well!
The Day Ahead
Even with an untested DP above PA, it’s tough to think Long until there’s some confirmation that the Triple Bottom (H1) Base has the necessary force to turn this Bearish trend around. If might attempt to play the DP test it will be at small stake. Maybe Super Mario (Draghi) can do the trick when he speaks this afternoon – twice?
High Impact News
|2:30pm||EUR||ECB President Draghi Speaks|
|3:30pm||EUR||ECB President Draghi Speaks|
Have a great Monday & Week.