G’day Surfers – yo yo market.
EUR/USD broke consolidation yesterday, creating another new High – but not without a big struggle. Price Action (PA) again crossed Daily Pivot (DP)
numerous times before the Bulls finally gained ascendancy. The Bungee nature of the market failed to produce an opening for our strategy so we stayed flat.
Another familiar scenario confronts us this morning, with PA above an untested DP, having retraced from yesterday’s High. Pivots remain Bullish and the confluence of 1.3450 with our Resistance Trendline #1 appears tantalisingly close and an achievable target today. The potential Double Top that was forming appears violated so it’s difficult not to have a Long bias. A Descending Triangle #2 appears the only friend of the Bears and Speculation on The Fed’s Policy Statement may have an impact today as well.
The Day Ahead
I will, somewhat predictably, be looking for a DP Test prior to some more buying. Finding a good Hotspot might be the biggest challenge.
High impact News – C.E.T.
|FOMC Economic Projections
|FOMC Press Conference
Enjoy your Wednesday.