G’day Surfers – one up, one down.
Yesterday’s Report
EUR/USD rejected a return to the deep yesterday as it failed to maintain the sub 1.2645 DCZ level. My bias was very much dependent on PA around DP and I entered Short below it, as soon as we opened for business. That trade gave me TP1 and went within a pip of target before deciding that North of DP was where it belonged. Entry #2 late in the day anticipated the break of Monday’s High, which took place, but only after a sharp retracement that took the stops. I also spotted a potential reversal confirmation on EUR/JPY and have placed a Long order that is yet to be filled on the S&R strategy.
Technical Analysis
The Fed Statement this evening usually over rides the market, placing it on hold. For this reason, I believe we’ll see PA hanging around DCZ 1.2645 (which is glued to DP) for a good deal of the day. If the market is intent on forming the ‘missing’ right shoulder of yesterday’s analysis, we may see some action below that level. Pivots are mixed so direction is tough to call. Much will depend on the Fed I believe.
The Day Ahead
Trading between DS-1 and DR-1 is always our preference and today might be a good day to be true to that. Either way but not too keen to stray too far from DP again.
High Impact News – CET
| 8:00pm | USD | FOMC Meeting Minutes |
Have yourself a Wonderful Wednesday.
Geoff Pyne
CERTIFIED TRADER
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