Happy New week Surfers – ahhhh there’s no place like it!!
This time last week, we were pondering whether our ultra reliable Support Trendline #1 could once again repel a rapidly falling EUR/USD. After a mixed start, the answer could not have been more decisive. Friday’s Asia/London Sessions combined to pullback some of the massive buying but NY trade rallied to produce a small 29 pip deficit.
As a result of the Wednesday/Thursday buying spree the cross has returned to very familiar territory between it’s favourite Daily Critical Zones of 1.3030 & 1.3115. Daily/Weekly Pivots have shot back towards Monthly, producing a Mixed formation as the market looks to consolidate, post the volatility. I see nothing technically to direct the market today as it sits in the middle of our DCZ’s, not far from a 50% retracement off June’s sell off.
The Day Ahead
I’m not expecting a lot of movement prior to the US Retail figures release later today but more than happy to be flexible if the “beast” stirs early this Monday. Totally without bias – I’m prepared for anything.
High Impact News – C.E.T.
|2:30pm||USD||Core Retail Sales m/m|
|USD||Retail Sales m/m|
Magic Monday everyone.