Happy New week Surfers.
A 64 pip roller coaster ride centred around Daily Pivot (DP) would adequately describe the Friday EUR/USD market. The cross appreciated 36 pips on a day I’m pleased not to have traded. Of note however, was the double bounce off DP.
That bounce appears to have been sustained with DR-1 receiving an early test as Asia began trading this morning. DP & MP are once again locked together but the new week has failed (barely) to find WP joining its counterparts. Therefore, the situation is still mixed. The Bullish look of Higher Hi’s & Lo’s (forming an Ascending Triangle #1) looks set to meet the Bearish Double Top #2 from last week. The DP/MP combo is untested below PA thereby providing us with a Short Term Bearish target. Fibo fans will be even more Bearish than that!
The Day Ahead
I fancy last week’s High as the real “Tester” today and wouldn’t be surprised to see PA bounce between that level (1.3175) and DP. If we get the opportunity – a test of DP followed by a break of the Highs would be a nice start to the week.
High Impact News
|4:00pm||USD||Existing Home Sales|
Magic Monday everyone.