I was more than happy to be a spectator yesterday as EUR/USD was tossed around like a cork in a rough sea. Asia Session was content to sell and late US Session belonged to buyers but the market in between, was like a bungee rope and untradeable. Our only opportunity came as London opened but our Long order expired well before the bungee jumpers entered the market.
The market’s current indecisive nature means that nothing has changed. Indeed PA had tested DP from above and was at 1.3916 when I wrote yesterday’s DB, today it has tested DP from above and is sitting just 5 pips above. I’m inclined to forget yesterday happened but for the record, a Lower Hi and a Higher Lo were the result. Pivots remain Bullish but everything else, appears on hold, pre FOMC.
The Day Ahead
Wake up Wednesday is what we seek so we need to pay attention – I feel a breakout coming! It’s direction eludes me however so PA is our best friend but with the FED Statement released this evening, the wait may continue!
High Impact News – CET
|7:00pm||USD||FOMC Economic Projections|
Wishing you a Winning Wednesday.