G’day Surfer’s – still awake??
At the high risk of sounding boring – EUR/USD stayed firmly entrenched in a near two week old range of a mere 130 pips. Outside of a spirited short lived buying frenzy in late NY Session, it was a less than 60 pip trading range yesterday and the patience test continued. Avoiding Daily Pivot – EUR/USD crawled it’s way to test Weekly instead, where it’s advances were rejected. Price Action teased us a couple of times with near setups but near enough is nowhere near good enough in this market – we stayed out of the choppy, dangerous surf.
The noise is once again creating difficulties in the search for good Trendlines and Hotspots. The absolute plethora of highs & lows creates many options but the lack of quality & therefore reliability is quite conspicuous – and a little frustrating. You’ll not be surprised to learn that the Pivots are still Bearish despite yesterday’s pseudo Bullish “move”. Again – there is NO intraday trend so my normally all seeing Pivots have been rendered somewhat impotent – don’t write them off however, just like Arnie…..they’ll be back! The 1.2677 level appears to have held the demise of EUR/USD up quite effectively but the bounce has hardly been convincing which has me still slightly Bearish, albeit VERY cautious.
The Day Ahead
As today is the last day of my trading week, I have quite an appetite for pips but almost bereft of a clear sentiment for the day. As always, I have done my analysis and set some traps at my Hotspots, will wait for Price Action to spring my snare and stay relaxed, avoiding the temptation to force an entry.
High Impact News
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|4:00pm||USD||Philly Fed Manufacturing Index|
Fed Chairman Bernanke Speaks