G’day Surfers – See Saw INACTION continues.
Given last Friday was NFP Day, you would have expected Monday’s Trading Range to be less and it was @ 88pips, compared with 124. The compression continued yesterday with only 64 pips of travel. Total absence of a market early, gave way to a single rally followed by a reciprocal fall without a solitary trading opportunity. Let’s move on!
Given the above – no real change from a Technical view. EUR/USD remains trendless and locked between 1.3030 & 1.3115. In fact, yesterday’s false breakout aside, that range is barely 30 pips! Daily Pivot has been tested and remains in a Mixed Position, between Weekly & Monthly. With Pennant Patterns forming within Pennant Patterns (one now broken), we can expect a substantial break but where and when is quite a puzzle. I am completely without bias and reliant on Price Action to guide the way.
The Day Ahead
Hot Spots are in over supply but they will be as important as ever in trying to solve the current breakout puzzle. I will rely on good setups at either, to find the answer. I would counsel small stake trading until a direction is found.
High Impact News
Have a Wonderful Wednesday everyone.