On the back of GBP News, EUR/USD took off yesterday, like a skyrocket (something we haven’t seen for some time). Bad Retail figures out of the States kept the momentum going – briefly! ‘Gravity’ took over and whilst not quite as swift, the descent to take off point was quite convincing. Prior to the pyrotechnics, we found good acceleration Short and those who played the strategy to the letter, would have banked both TP’s. Those who chose to trade through the GBP news (myself included) had to settle for BE. The S&R Short is still yet to trigger.
Back to square one again, with Pivots Bearish but PA underneath an untested DP. This familiar mixed scenario does little to enhance a Short Term bias but fails to deter my overall Bearish sentiment. With PA once again approaching DCZ 1.3340, it will be interesting to see if PA is ready to rumble or slinks back inside the now obvious range?? Could be an interesting day.
The Day Ahead
Looking for Shorts but if 1.3340 remains defiant, a long back into the range is not so silly.
High Impact News – CET
Have a great Thursday.
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