EUR/USD was at it’s see sawing best yesterday, remaining within the consolidation post the EURO interest rate drop nearly a fortnight ago. We were cruising towards banking in our S&R Long order when News drove PA South. We were waiting and our S&R Short order triggered. The Long closed at Break Even and the Short hit TP1 – producing another Free Trade. We begin the day in that position.
PA sits below an untested DP which still leads the Pivots in a Southerly direction. My bias remains Bearish but the DP Test is a definite consideration. So the only change from yesterday at this time, is that we are below DP instead of above it. The Double Bottom has, as yet had little effect but until it’s violated I guess we can’t write the Bulls off completely. FOMC Statement this evening so expect the consolidation to continue, until then.
The Day Ahead
Would like to see DP tested and then PA head to 1.3475, making us more money in the process. What I see at a Hotspot will determine what I DO however. Shorts favoured but FOMC may stall progress.
High Impact News
|8:00pm||USD||FOMC Economic Projections|
|8:30pm||USD||FOMC Press Conference|