EUR/USD forgot to reverse after the predictable tests of both DP and DCZ 1.2510. We were looking for opportunities to trade with the tests or back into the ‘DCZ Range’ afterwards. That no setup arrived prior to the rally to those levels was a little disappointing but then PA went into consolidation and gave us nothing at all. At day’s end, a 100 pip gain for the cross but no entries.
DCZ 1.2510 is clinging on to PA as best it can and remains a key level. Pivots are mixed and the release of the Fed Minutes later today makes choosing a direction, a difficult task. Indeed, fundamentals may keep PA very subdued today and opportunities may be few. Whilst above 1.2510 and DP (which are snuggled up close together), I’ll be favouring Longs but the reverse applies should PA re-enter the range between 1.2510 and 1.2400 – a place I’d prefer to trade.
The Day Ahead
News might play a part but I’m really quite open to what PA is prepared to give. I’m watching 1.2510/DP very closely.
High Impact News – CET
|8:00pm||USD||FOMC Meeting Minutes|
Have a Wonderful Wednesday