Our strategy proved itself yet again yesterday, beautifully selecting the day’s ONLY acceleration point. Putting the “icing on the cake”, another perfect exit allowing us to extract almost maximum pips when really, VERY FEW were on offer. Price Action (PA) approached 1.3700 but rejected the level and headed straight back into the range, after creating the new High.
So the post NFP consolidation continues, and therefore the directionless market. Our quest to find the breakout point today has been made a little more interesting by a lively Asia session that sold EUR/USD down to Weekly Pivot which flanks the Short side of a ‘kind of’ tested Daily (DP), whilst Monthly rides the Long flank. This now familiar order, again confirms a lack of purpose from both Bulls or Bears. The past 24hrs has given us both a Higher High & a Lower Low – are you confused yet? Intuition is telling me that DP hasn’t seen enough action today and that 1.3700 is due for another test – slightly Bullish on that.
The Day Ahead
Truly fortunate that we are able to trade in either direction today because really – this could go anywhere. As always – trading good setups at Hotspots will serve us well.
High impact News – CET
Wonderful Wednesday all.