Happy New Week Surfers – back in business.
Four of the six H4 candles tested Daily Pivot (DP) on Friday as EUR/USD successfully reversed the only Bearish day of the week (Thursday). Like the previous two days, Price Action (PA) tested but couldn’t break through the 1.3500 psychological level, closing the week just below that level.
We begin the week without clear direction with Pivots Mixed and signals pointing in both directions. A clear Flag #1 has formed on intraday charts suggesting a Bearish continuation. So too, has an incomplete Ascending Triangle #2, indicating the exact opposite. On the basis of its completeness, I have a slight preference for the Flag and am therefore a little Bearish but only until the major Confluence area #3 below PA is tested. Should that occur – I’ll re-assess.
The Day Ahead
Will trade in either direction but keen to catch a Short if on offer, anticipating the break of the Flag. Will definitely keep my eye Northward as well however.
High Impact News
May your Monday be Magical.