Dear Surfer friends, happy first of the month!! Let’s take a look at the market.

How did it go yesterday?

At the end of last week the price has cunningly kept between 1.0900 and 1.1000 outlining a perfect willingness to follow the macro-pattern which is evident on the hourly chart. Sometimes it’s really nice to see how the market responds well to technical analysis and not the contrary.

Technical analysis

Although the bearish macro-pattern was broken, today the price is being held slightly above 1.0900 . We will observe during the next hours whether if  it was a decisive reliable break   or a deception. Anyway, the DP has already been tested and, with the beginning of the month, the monthly Pivot repositioned (as well as the other two pivots).Referring The triad DWM, it is not giving us any information or suggestion.

Plan of the day

We will pay special attention to the price due to the macro-pattern’s break. We do not expect great volatility today but we do not exclude any possibility.

Significant economic news

4:00pm    USD    ISM Manufacturing PMI
SurfingThePips staff wishes you all a fruitful day.