G’day Surfers – it’s more of the same.
EUR/USD headed further South in search of last week’s spike to 1.3500 and accommodated us with a clone like replica of the same invitation that made us money on Monday. We accepted, despite the major difference – that being an untested DP above PA. From entry, it was simply repeating the trip to another Pivot target – this time DS-1.
This time yesterday, PA was 20 pips below an untested DP. Fast forward 24hrs and PA is 20 pips below an untested DP. As 1.3500 and Thursday’s Low appear as obvious targets, PA has already rejected DS-1 today and DP won’t tolerate being ignored too often. In the absence of a reversal pattern it’s tough to be thinking Long. I do think however, that the previous two days ‘easy’ ride to the bank might just find a road bump in the lure above.
The Day Ahead
It’s 1.3500 -vs- DP today. If we get the right setups, we might just be able to trade both.
High Impact News – CET
Wishing you a Wonderful Wednesday.