The NFP number on Friday was a little off forecast and the typical whip saw reaction settled into some USD selling and EUR/USD managed to erase some of the ‘damage’ inflicted by Thursday’s NOT well received ECB statement. The good news is that we are now free to trade without the Fundamental influence.
Friday’s rally wasn’t enough to reverse polarity and Pivots remain Bearish, barely! An untested DP has drawn within 15pips of WP. Intraday charts are proudly displaying their latest progeny, a Double Bottom, giving rise to a potential cessation of the Bears gamboling. We have of course been witnessing births of this nature many times in the (to date) 1600 pip crash since May. I see nothing to suggest that this newborn is EUR/USD’S saviour, though I suspect there may be some birthday celebrations, prior to a resumption of daily trading that we’ve come to know – SELLING EUR/USD.
The Day Ahead
I’m leaving the door open for some more pullback but would like to see DP tested and at least a Higher Lo on H4, before trading Long – we’ll see.
High Impact News
Nothing, but we will not be trading tomorrow, due to Bank Holidays all around the World, including USA.
Magic Monday and Wonderful Week everyone.