G’day Surfers – Swing to Cable proves a winner.
EUR/USD continued its retracement for much of yesterday, prior to finding support at our Key Level of Daily Critical Zone 1.3285. We expected the pullback and were looking for a bounce here. On the back of a favourite Surfing The Pips setup, we placed a Long order which timed out, prior to entry. Price Action was very choppy thereafter and no entries considered. Our Swing & Relax Strategy found a nice Long setup on GBP/JPY which triggered and has so far delivered + 130 pips.
As a result of Friday and yesterday’s selling of EUR/USD, Daily Pivot has ducked below Weekly, providing us with a mixed scenario today. The appearance of an Ascending Triangle http://clip2net.com/s/5ywSFG is good news for Bulls fans as is the apparent reluctance for PA to remain below our 1.3285 DCZ. As EUR/USD continues to consolidate just above this level, it once again is a Key to today’s direction.
The Day Ahead
If the Bullish Trend is to continue, now is the hour for EUR/USD to bounce. I’ll be looking for Long entries at either of 4 nice Hotspots.
High Impact News – C.E.T.
|11:00am||EUR||German ZEW Economic Sentiment|
|2:30pm||USD||Core Retail Sales m/m|
|USD||Retail Sales m/m|
Terrific Tuesday everyone