We had to be patient but the wait was well worth the effort. Price Action (PA) bounced between Daily & Monthly Pivot for the majority of yesterday before breaking Long, taking not one but TWO of our Intraday Trades with it. With the first Free Trading, a second Secret Surfing The Pips Candle Pattern alerted us to the pending Long Breakout – both hit Target with the first taking advantage of the big spike, banking a bonus 15 pips! Nice work.
Now broken – our 1.3285 Daily Critical Zone becomes the “testing material” for the Bullish continuation. A nice confluence #1 of DP/DCZ & former Resistance Trendline appears the likely “battleground” today. Victory for the Bulls here will bring 1.3400 into sharp focus. With Pivots still mixed nothing is certain but if there are buyers around – now is their time. The pullback to this area will test DP and we like that! Like yesterday, a Double Top has formed so a break below the confluence area may well lead to a sell off.
The Day Ahead
The picture is quite clear today as we await the re-test of #1. Above it, I’ll look for Long entries, below it, Shorts.
High Impact News – C.E.T.
|1:40pm||EUR||ECB President Draghi Speaks|
Enjoy the week’s wind down.