You may be sick of hearing it but facts are facts – EUR/USD is in a deep slumber and in need of life. We can say that the market consolidates before and after News like last week’s NFP and tomorrow’s FOMC Statement but consolidation is becoming the norm. Yesterday, another tiny 33 pip range that produced nothing, by way of acceleration. The Long M30 entry that we found is (believe it or not) still in the market. It took nearly 5 hrs to produce a Free Trade! Strange days indeed.
Pivots are Bearish, DP has just been tested and PA appears to have rejected our 1.3585 DCZ. That’s a mixed scenario and direction remains a mystery. Nothing changes for us as we patiently await the market to be resuscitated. Hotspots will always be there, as will STP setups, if a little smaller than we’d like them. I’m a little Bullish and will be looking Long, now DP is tested.
The Day Ahead
With FOMC Statement due tomorrow – consolidation is probably the most likely scenario today. I’ve been around long enough however, to recognise that the market often has little surprises in store.
High Impact News
Relax – nothing doing.
Terrific Tuesday everyone.