EUR/USD rode the roller coaster on Friday, realising a further 50 pips to top off a positive week for the cross, almost erasing the fall of the week prior. A second consecutive poor NFP number did nothing to falter the rally.
The standout feature of today’s Chart is the multi crossing of our Pivots. With Daily now proudly strutting ahead (but not far from) of Weekly & Monthly a little farther South. This depicts a now Bullish market sentiment but with DP untested below PA, also suggests some pullback is needed. For mine, I’m not convinced we have a Trend at all and see PA continuing to range between our 1.3450 & 1.3700 Daily Critical Zones. It being Monday – that picture may not become clearer anytime soon.
The Day Ahead
It will be a little difficult to get Long with the DP/WP combo so far below PA so my favourite play will be a DP test.
High Impact News
Magic Monday everyone.
No comments yet.