EUR/USD traders were absent without leave yesterday as the entire day managed a top to toe of a paltry 26 pips. Not even the magnetism of a combined DP/WP was enough to cajole buyers into the fray. Only a solitary M30 candle could boast more than 10 pips of movement. It was enough to take the stops on our Long trade that risked a very small 10 pips looking for the DP Test that never came.
The market had little choice but to ‘cool down’ a little after the carnage of Thursday & Friday but the freeze we witnessed did little to shape what happens next. DP diving below WP and MP is of course a reflection of late last week but is of no help. Daily Chart appears to be the most ‘directional’ presently and the Higher Hi’s & Lo’s are still pointing North!
The Day Ahead
|11:00am||EUR||German ZEW Economic Sentiment|
|2:30pm||USD||Core Retail Sales m/m|
|USD||Retail Sales m/m|