Mixed fortunes yesterday as we “took one for the team” prior to winning the “main event”. Price Action (PA) supplied an early (prior to Daily Pivot test) invitation for us to play the Long we sought – we accepted and paid the small “toll” – our first in Financial Year 2013. The post DP test setup was almost identical – we again entered Long, this time TAKING full toll as our target was met. No retirement income, but a nett profit on the day.
Our 1.3285 Daily Critical Zone is offering stern resistance to EUR/USD’s quest to resume it’s journey North. Pivots remain mixed with DP tested, so market direction is quite uncertain. Perhaps the strongest message the charts are sending, is the Double Top #1 on an intraday basis. Should PA fail to climb back above DP, today could be a Teddy Bear’s Picnic. Above DP however, is a different Beast altogether.
The Day Ahead
As suggested DP is today’s “line in the sand”. I’ll look for Longs above it and Shorts on the southern side. Given the Double Top, sentiment is a tad Bearish.
High Impact News
Wonderful Wednesday everyone.