It was a spectator’s market this week…..well on second thoughts, NO-ONE would want to watch this market! Prior to the much anticipated Fed Statement, there has simply been NO MARKET. Then, a surprise FED backflip leads to a massive surge in USD cross currencies – including EURO. We had placed a Buy order well prior to the announcement which timed out due to the pre-News dead market.
The market will take some settling post the Fed’s flip which makes for interesting trading conditions. EUR/USD is technically overbought and with an untested Daily Pivot below Price Action (PA) it’s impossible to be thinking Long, in the Short Term. With London traders yet to react, further buying is not inconceivable however and a potential Ascending Triangle doesn’t hurt.
The Day Ahead
This is a tough one but as Technical Traders, we won’t be looking to Buy Euros until at least a pullback to DP occurs. PA will need to help us if that’s the case because currently we have a lonely Hotspot
High impact News – C.E.T.
|4:00pm||USD||Existing Home Sales|
|USD||Philly Fed Manufacturing Index|
Have a great Thursday
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