Still no pullback for the rampant EUR/USD as the gravitational pull continues. We weren’t expecting much action yesterday, post Thursday and Friday News but still Sellers ripped a further 60 pips off the EUR/USD carcass. Our only order of the day was in fact Short, but it failed to trigger prior to expiry.
Now over 1100 pips into the crash, bigger Support levels are approaching and the Bears must be starting to look for a cave to commence their hibernation. For the third day running, DP lies untested above PA making it difficult to find new entries Short, until that situation no longer exists. Trading Long of course, is like standing between a Bear and a picnic basket at present so some fancy footwork is required, should that be a consideration. I do consider 1.2870 a reasonable level of Support.
The Day Ahead
The ‘picnic basket’ challenge is quite risky so very small stake, should it set up.
High Impact News
Basket is empty.
Terrific Tuesday to you.