EUR/USD is stoic in its determination not to leave the comfort zone into which it is bound. I was a little flippant about it yesterday but History proved its NOT to be messed with as PA failed yet again, to achieve the five day rally cycle – DB 11/02/2014: “As a point of interest, EUR/USD put 5 positive days together only twice in 2013 – today (should it be positive) will be the fifth day of consecutive gains !!”
Of cold comfort to us of course because we were free trading Long, prior to the pullback. Our S&R order from Monday, closing at Break Even.
Despite yesterday’s bounce off the top of our Flag and subsequent pullback, DP has edged a little further North, maintaining a Bullish Pivot formation. PA has already displayed ‘wandering’ tendencies today, reversing early Asia selling to be approaching DP as London opens. Question is: can EUR/USD manage to break the confines of the Flag, whilst in close proximity to it’s boundary – OR has that boundary proved once again, to be a fence too high? I slightly favour the latter! Today’s riddle: Weekly Chart has a current sequence of nine (think Paul McCartney & Stevie Wonder!) – anyone for TEN??
The Day Ahead
DP is all but tested and in a Bullish atmosphere, I would like the test to occur, before looking for counter trend Short entries. Happy to go North, if the setup arrives however.
High Impact News
|4:30pm||EUR||ECB President Draghi Speaks|
Wonderful Wednesday people.
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