EUR/USD applied the brakes yesterday, ranging a meagre 36 pips. The Bearish momentum died as a result and trading was a non event. Once again, we spotted the day’s only acceleration point and attempted twice, to catch the move. Both orders expired prior but the target would have eluded us and Break Even would have been the result.
Pivots are now confirming the Bearish mood of the market and with 1.3500 beckoning, it’s tough to be thinking Long right now. Indeed, the Low of 2014 (1.3476) looks the likely next Support level. DP has been tested so it’s full steam ahead – or should that be Dive, Dive!
The Day Ahead
Looking Short to 1.3500 at least – it will be tough to trade Long until some fresh evidence appears.
|2:30pm||USD||Core Retail Sales m/m|
|USD||Retail Sales m/m|
Thrilling Thursday everyone.