G’day Surfers – sneaky trendline catches the pips.
EUR/USD made a six month Hi yesterday, on the back of some nice technicals. The Higher Hi & Lo’s we pointed out on Monday http://clip2net.com/s/5BnGit proved a great guide for us, out of the two day consolidation. Early Price Action gave us a new Hotspot which produced a Classic Surfing The Pips Secret Candle Pattern and we placed a Long Order. the very next candle gave us a second setup, this time Short. The Long produced a beautiful trade, zooming through first Resistance for some bonus pips. PA rested at our Long term Resistance Trendline #1 prior to charging further North, to our 1.3450 Daily Critical Zone, where it bounced – technical perfection!
With #1 now broken, it would be good to see a re-test from above giving us the retracement required to rejoin the rally. With Daily Pivot untested below PA, I’d be favouring a pullback to that area, before looking to go Long again. DP has begun to sneak away from WP but Bullish is still the formation and with no apparent reversal signs, the way to look.
The Day Ahead
Tough not to be Bullish EUR/USD so I’ll be looking for Long entries after a DP &/or #1 re-test. No thoughts short at this time unless we can play a low stake sneaky to DP, given a good setup.
High Impact News
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|8:00pm||USD||FOMC Meeting Minutes|
Wonderful Wednesday all.