As expected, Price Action was slow moving yesterday but did come off a double bottom and test daily Pivot (DP) so was technically well behaved. No trade day for us as the States celebrated Martin Luther King Day.
By default, Price Action (PA) finds itself above a tested DP which is still out front of a Bearish formation. A bearish continuation appears likely as a lower High & Low sequence becomes prominent on H4, as does the formation of a decent Flag #1. As mentioned yesterday, Fibo fans will be thinking Long here so it could be interesting.
The Day Ahead
The confluence area around 1.3591 looks an ideal place for Shorts so that’s plan A. We might just be able to sneak a cheeky Long to that area if PA plays our game.
High Impact News – CET
|11:00am||EUR||German ZEW Economic Sentiment|
Terrific Tuesday everyone
Share the Love
Get Free Updates
No comments yet.