EUR/USD didn’t wait for re-tests, it took off to create a new 2014 High and appears to have gas left in the tank. We received an invitation to join the break North and accepted gratefully. Once the afterburners were ignited, our target was achieved easily.
Asia Session has applied more thrust and EUR/USD has raced through the 1.3900 psychological barrier. Looking extremely Bullish, 1.4000 looks achievable by week’s end, pending retail figures out of US today. Trading the cross further this week will be completely reliant on pullback from here however. DP lies in wait, untested 50 pips below PA which has almost reached DR-2. That combo makes Long orders very tough indeed but the Bulls are full of running so Shorts will be dependent on some reversal action.
The Day Ahead
Never say never, but right now it’s NLNS (No Long No Short). I’ll be a keen spectator until PA does it’s work (pullback)!
High impact News – CET
|USD||Core Retail Sales m/m|
|USD||Retail Sales m/m|
Have a great day.