An atrocious NFP number saw traders selling greenbacks on Friday but the Euro buying failed to make a huge impression on the month long range. Price Action (PA) did poke its head up to challenge the top of the range however.
The new week begins with PA above an untested Daily Pivot (DP), which has crossed Weekly (just), causing mixed signals. I’m not convinced that situation will continue, as the market settles into the post NFP news week. Certainly I’ll be looking for a DP test but maybe a little more selling than that, as the confluence of Long Term Support Trendline & the 1.3450 DCZ continue to have ‘target’ written all over them but countering that – so too the recently tested longer term Resistance Trendline (see Daily chart attached).
The Day Ahead
I’ll be chasing a Short, in particular to DP if available but as always, ready for anything in a mixed market.
High Impact News
Magic Monday everyone.
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