G’day Surfers – hope you’re not holding your breath for the market to move!
Only some retail sales news from the US had the power to produce movement in EUR/USD yesterday. At just 47 pips, that movement was hardly cause for celebration despite it being the day’s ONLY “highlight”. We had multiple Surfing The Pips Secret Candle Patterns suggesting EUR/USD was about to launch, so we placed a Long entry which was triggered post news “excitement”. TP1 was achieved but the dead market had NOT the energy to produce a second…….Break Even the result. EUR/USD ranged just 59 pips, closing 7 pips higher than its open.
Price Action (PA) rallied early in Asia session to approach 1.3030 from below. This much tested level should again prove the “testing material” today, as EUR/USD continues to seek clear direction. With Daily Pivot untested below PA and having slipped to the Short side of the locked together Weekly & Monthly, EUR/USD appears under pressure. If PA can’t find it’s way back above our former Support Trendline #1 and/or1.3030, we may see some selling today. The late appearance of a Bullish continuation Flag #2 , clouds the issue however.
The Day Ahead
Still not a lot of clarity in direction terms and I won’t be surprised to see a decent move in either direction. Would be much happier to go Long IF Daily Pivot is tested – tough beforehand.
High Impact News
|11:00am||EUR||German ZEW Economic Sentiment|
Terrific Tuesday to you.