Having enjoyed a few days at sea, I haven’t looked at a chart since last Wednesday. Unlike the 8 metre swell that created a LOT of boat movement, PA has hardly changed position, despite an unsuccessful lunge at the 2014 Low. It would appear I chose a good time to take a break.
As I seek to find my land legs, EUR/USD seeks to confirm the influence of a Bearish Pivot formation. We begin the week midway between DCZ’s 1.3475 and 1.3585. Bullish PA during Asia Session may just be the trigger for the Bears to re-enter the fray. An untested DP below will only serve to make that scenario more likely. Without the presence of a reversal pattern, I’m a fan.
The Day Ahead
I’d like to see a re-test of 1.3585 before committing to a Short bias because if the Bulls get a sniff above that level, it could be game on Long. I’m an observer early to see how that plays out.
High Impact News
Magic Monday everyone.