You don’t need me to tell you that there was yet again, NO MARKET for EUR/USD yesterday. A solo 20 pip M30 candle was the major component of yet another dismal 29 range. We saw the ‘acceleration point’ but our Long order expired, prior to entry. The ‘crawling’ M30 trade from Monday, finally closed at Break Even.
Pivots remain Bearish and DP lies in wait, untested below PA. This makes my Short Term bias well, Short. It’s FOMC Statement day however and the consolidation is likely to continue, until the News. Given that stranger things have happened, I’ll be ready to pounce should the Short setup. A combined WP/MP could well provide the resistance needed to ‘thrust’ PA South and the ‘Flaggish’ #1 look won’t hurt either.
The Day Ahead
FOMC is the focal point but there’s an untested DP to deal with, prior to that. Plan A is to DEAL with it.
High Impact News
|8:00pm||USD||FOMC Meeting Minutes|
|8:30pm||EUR||ECB President Draghi Speaks|