An ‘old faithful’ Surfing The Pips Secret Candle Pattern provided us with a sign of what was to come yesterday and we responded by placing the Long order which produced mixed results. Take profit 1 took ages to arrive and the retracement off MP went perilously close to the amended stops, in fact taking some (broker dependent). those that survived, eventually hit target.

Technical Analysis

 

FOMC reaction helped EUR/USD break the ‘twin ranges’ (DCZ & Flag) and DP leap frogged MP, following Tuesday’s separation from WP. DP lies untested below PA suggesting pullback but EUR/USD looks full of running. I’m thinking a DP test might well be enough to send it on its way to1.3900. Two days of Bulls charging has left us short on Hotspots so a little ‘rebuilding (consolidation) might be in order  as well.

The Day Ahead

 

Still looking Long but would like to see DP tested first. Expecting some sideways action prior to launch.

High Impact News

2:30pm

USD

Unemployment Claims

Day 1

ALL

G20 Meetings

All Day

ALL

G7 Meetings

Have a great day everyone.

CERTIFIED TRADER