Another day, another spike higher for EUR/USD on a Monday that wasn’t spectacular, but showed a little spirit. We spotted an opportunity to catch the latest rally and entered Long, achieving TP1 but not our target as PA retraced prior to the ‘real’ acceleration a few hours later.
Pivots remain Bullish with DP recently tested. That removes the magnetic attraction Short but, an as yet not re-tested former Resistance Trendline and DCZ 1.3815 remain on my mind. No denying the cross looks very Bullish however. As I observed yesterday, EUR/USD is in it’s seventh consecutive positive week. Should this week end that way, it will be the first time since November 2004 for seven on the trot!!
The Day Ahead
Whilst stats don’t lie and magnets attract, Long remains the trend to trade. If I sniff that reversal is on however ……. well, we’ll see.
High Impact News – CET
|11:00am||EUR||German ZEW Economic Sentiment|
|USD||Core CPI m/m|
Terrific Tuesday everyone.