Happy New Week Surfers – the Stars have aligned!
Having rejected “life” above our Daily Critical Zone (DCZ) Range between 1.3115 & 1.3030, Price Action (PA) spent the first half of Friday just inside the Range but has since sampled conditions below.
Just like it’s astronomical counterpart, an “eclipse” of all three Pivots is a rare occasion. Very much a feature of today’s EUR/USD charts however, we have Monthly & Weekly locked together, with Daily in their “shadow”, just 5 pips to the South. To continue the analogy PA will find it very difficult to NOT pay attention to the Pivots. EUR/USD is looking a little oversold, despite the closeness of the Pivots so a pullback looks likely, in a Bearish scenario.
The natural magnetic pull towards the Pivots aside, the market is in a Bearish mood. I’ll look to catch the pullback to Daily Pivot with a good setup but fter that, Price Action will lead the way.
High Impact News – CET
||Core Retail Sales m/m
May your Monday be Magnificent.