G’day Surfers – We were a little early.
Though not substantial, the expected pullback came, but a little too late for me to get the pips yesterday. I placed the Long order which triggered and achieved a first take profit (and a second if you used a weak level of Resistance as target) but Buyers couldn’t quite get me to my DP target. Price retraced far enough to deliver a break even trade. Thereafter, EUR/USD eventually found it’s way beyond DP to end the day 43 pips to the good.
Questions will now start to be raised whether EUR/USD has bottomed but it would be a brave trader who is prepared to call that. DCZ 1.2945 held firm as Resistance yesterday and it is again the key level. While PA remains below it, I’m Bearish – above, I’m thinking a little more pullback but again, I fall well short of being Bullish. DP is untested below PA and everything remains Bearish.
The Day Ahead
Much depends on which side of 1.2945 PA decides to inhabit. Short is still the Sport so my preference is to head toward Support!
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Wonderful Wednesday – won’t you?
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