As short lived as it was, EUR/USD showed signs of life yesterday, hurtling skyward and away from DCZ 1.2945. We managed to catch the move with an old favourite Surfing The Pips Secret Candle Pattern. In fact, the very same pattern that took us into a S&R Long that closed at BE. Technically perfect, PA hit DR-1 and found the gravitational pull too strong and retreated back to the now monotonous level. We had banked both Intraday targets by then so happy days.
The ‘offset’ Flag continues to build as do my expectations of a breakout Short. In essence, in technical perspective and in fact, nothing much has changed yet this week and the same questions remain unanswered. DP is tested but is not taking the lead so pivots remain mixed. Only the Flag suggests a direction so I’m happy to favour Shorts. Like yesterday, it DOESN’T mean that’s where I’ll trade.
The Day Ahead
It’s a big News day in US, including FOMC Statement so I’m expecting a quiet lead in. Early PA should be best to trade and I’m happy to go Long but definitely favouring Shorts.
High Impact News – CET
|USD||Core CPI m/m|
|8:00pm||USD||FOMC Economic Projections|
|USD||Federal Funds Rate|
|8:30pm||USD||FOMC Press Conference|
Wonderful Wednesday everyone.