Trading the reliability of EUR/USD testing DP is always a consideration but doesn’t always setup. Yesterday was one day where it did, almost perfectly. We don’t require a second invitation when it’s there and yesterday we took full advantage of a Secret Surfing The Pips Candle Pattern to enter. The 37 pip journey to DP whilst a little slow, was most enjoyable.
DP is again untested but this time above PA, remaining close to WP. No direction from the pivots however, because they are mixed. PA has now found the bottom of the ‘pre-interest rate drop’ range. If that level can’t hold EUR/USD, it may be on the slide. I’m still a trifle Bullish, until Thursday’s Low is broken. If the Bears get a sniff again today however, that won’t take long!
The Day Ahead
1.3500 looks a juicy target for the Bears so I’m more than prepared to go Short but Plan A, is for yet another DP Test.
High Impact News
Tremendous Tuesday everyone.