G’day surfers – all quite predictable really.
Yesterday’s Report
When FOMC is due to be released, not much happens on EUR/USD in the lead up and we saw that again yesterday with PA unwilling to stray far from DP, prior to the NEWS. Our only order of the day was a Short, hoping to catch any pre-news activity but it didn’t arrive. No entries and the Fed boosted US spirits and the Greenback, News driving EUR/USD 120pips South.
Technical Analysis
As you would expect, DP has crossed Weekly to the Southside, reconfirming the extremely Bearish Trend. PA has retraced by about 25% of the news move but well short of an untested DP. I can see absolutely no Support for the cross however, until 1.2800. Even the Double Bottom isn’t (even that is) so it’s not a reversal pattern in which I’d be placing too much faith. I will keep an eye on PA (just in case) though.
The Day Ahead
To end the week on a high, I’ll be looking for a DP test, then Short. The DP test trade will need to be very small stake as it will be like trying to turn the tide.
High Impact News – CET
| 11:15am | EUR | Targeted LTRO |
| 2:30pm |
|
| USD | Unemployment Claims |
| 2:45pm | USD | Fed Chair Yellen Speaks |
| 4:00pm | USD | Philly Fed Manufacturing Index |
Have a great day everyone.
CERTIFIED TRADER
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