Happy New Week Surfers – 12 mth high in cross hares.
Yesterday’s Report
The buying of EURO’s continued unabated on Friday, EUR/USD taking on MR-1, before ending the week under that level @ 1.3335. Bad U.S. Trade Balance numbers did nothing to deter the Bulls who have crashed through all Resistance prior to a 12month high of 1.3485, save for our long term S/R level @ 1.3450.
Technical Analysis
It’s this level that appears to be this week’s first target BUT – to trade it there, I need to see some substantial profit taking/pullback. With Price Action 140 pips above an untested (since Thursday) Daily Pivot, any thought of jumping into the “stampede” needs to be contained. Our Pivots are in clear Bullish formation BUT, entering Long at this overbought point is simply too dangerous. That doesn’t mean an immediate Short order is the way to go either – it’s a bit like trying to push a Tsunami back into the Ocean. To short this cross, I need to see a reversal pattern & then confirmation! A 55 pip Asia Session may well be as far as EUR/USD wishes to stray on a Monday morning, with “Big” Ben Bernanke due to elocute the Fed’s latest stance on US Monetary Policy etc., post the Fiscal Cliff avoidance, tonight.
The Day Ahead
It’s a classic NLNS (No Long/No Short) situation for me right now and patience is the key word today. To be frank – I’d be surprised to see EUR/USD do enough to get me interested in trading. As always of course, the Market listens not to my sentiment and will do as it pleases. If that includes meeting me at a Hotspot – perfect! My Hotspot is only lukewarm because there may not be room for confirmation of a reversal at this level so any entry NEEDS to be miniscule stake!
High Impact News
| 10:00pm | USD | Fed Chairman Bernanke Speaks |
May your Monday be memorable.
Geoff Pyne
CERTIFIED TRADER
Happy New Week Surfers – 12 mth high in cross hares.
Yesterday’s Report
The buying of EURO’s continued unabated on Friday, EUR/USD taking on MR-1, before ending the week under that level @ 1.3335. Bad U.S. Trade Balance numbers did nothing to deter the Bulls who have crashed through all Resistance prior to a 12month high of 1.3485, save for our long term S/R level @ 1.3450.
Technical Analysis
It’s this level that appears to be this week’s first target BUT – to trade it there, I need to see some substantial profit taking/pullback. With Price Action 140 pips above an untested (since Thursday) Daily Pivot, any thought of jumping into the “stampede” needs to be contained. Our Pivots are in clear Bullish formation BUT, entering Long at this overbought point is simply too dangerous. That doesn’t mean an immediate Short order is the way to go either – it’s a bit like trying to push a Tsunami back into the Ocean. To short this cross, I need to see a reversal pattern & then confirmation! A 55 pip Asia Session may well be as far as EUR/USD wishes to stray on a Monday morning, with “Big” Ben Bernanke due to elocute the Fed’s latest stance on US Monetary Policy etc., post the Fiscal Cliff avoidance, tonight.
The Day Ahead
It’s a classic NLNS (No Long/No Short) situation for me right now and patience is the key word today. To be frank – I’d be surprised to see EUR/USD do enough to get me interested in trading. As always of course, the Market listens not to my sentiment and will do as it pleases. If that includes meeting me at a Hotspot – perfect! My Hotspot is only lukewarm because there may not be room for confirmation of a reversal at this level so any entry NEEDS to be miniscule stake!
High Impact News
| 10:00pm | USD | Fed Chairman Bernanke Speaks |
May your Monday be memorable.
Geoff Pyne
CERTIFIED TRADER
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