Happy New Week Surfers
The bungee week finally broke on Friday – the wrong way!. We had a Short S&R trade still in the market which achieved Free Trade status. The tough decision to close the trade (we don’t trade on Fridays) in profit proved to be insightful as the fuse to the skyrocket was lit soon after and PA broke back above the 1.2510 DCZ.
It’s just above the DCZ where we begin the new week with DP and WP almost cemented together, DP just 2 pips to the North. With MP still hovering well above the pair, direction is a little on the mixed side though the untested DP/WP combo looks a compelling target. The strength of Friday’s rally will be scrutinised by the market today and I’m favouring pullback. The Bulls have had little to cheer about this year – could 1.2500 be the red rag?
The Day Ahead
I’m not thinking Long yet so the DP test is right up my alley today and is Plan A albeit a difficult prospect early due to a lack of Hotspots.
High Impact News
|3:00pm||EUR||ECB President Draghi Speaks|
Magic Monday everyone.