A little more than 4 weeks ago, The Fed did a backflip on the so-called QE Tapering. EUR/USD has spiked and consolidated, spiked in the opposite direction and consolidated again. So nearly a month later, we are still awaiting a trend resumption or reversal. Yesterday’s 53 pip doji day (although it WAS a US Bank Holiday) did nothing to suggest the breakout is imminent.
Taking a back seat to the bubbling cauldron perched prominently on the table of “the most powerful Govt in the World”!! For the record, Daily Pivot has been tested and heads a Bullish Pivot formation. Such is the choppy nature of Price Action, it’s possible to make a case for either direction – so I won’t.
The Day Ahead
If it was dangerous to be in the market last week – it’s treacherous this week. ANY setup I see will be traded with as small a stake as possible. Having said that, if I can get into a free trade – it might be worth letting the second half run as I expect a BIG breakout is likely and if you are lucky enough to get on the Tsunami – it could be a wild ride.
High Impact News – CET
|11:00am||EUR||German ZEW Economic Sentiment|
Take care Tuesday guys.
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