EUR/USD began travelling South during Asia Session and continued unabated through London & New York Sessions, leaving us without a trading opportunity. At day’s end, the cross had lost 48 pips in a 120 pip range.
Finally a change has occurred with yesterday’s selling. An untested Daily Pivot (DP) has crossed below Weekly, violating the Bullish setup. My Short Term bias remains Long however, in deference to the DP’s magnetic attraction to Price Action (PA). With no real Support under PA, it may be a case of Long before Short however, with the 1.3460/50 area, a likely Target/ bounce point as is our former Resistance Trendline which is still not re-tested.
The Day Ahead
Uncertainty remains but the untested DP is foremost in my calculations so looking for a Long to there, my main focus. PA will hopefully guide me from that point but Short is my preference.
High Impact News
Have a great day everyone.