Like a bad smell, EUR/USD EUR/USD continues to linger around DCZ 1.2945. A series of false breaks of that level both Long and Short is becoming the norm. We found a long setup on both intraday and S&R strategys’ yesterday. The Intraday expired and the S&R is yet to trigger.
The seemingly Zero Retracement begins to look a little Flag #1 – ish, suggesting the Bears are preparing to re-enter the fray. Certainly, if the confluence of the DCZ and Support Trendlines we have been watching fails to hold, further falls should ensue and 1.2800 will loom large as next stop. I’m not convinced that this is the next move but it seems the most likely.
The Day Ahead
Nothing has changed, still seeking pullback above 1.2945 but Bearish below.
High Impact News – CET
|11:00am||EUR||German ZEW Economic Sentiment|
Terrific Tuesday to you.