Boring? yes. Tough to trade?, certainly. Yo-yoing, you bet. Revealing, quite possibly. EUR/USD inched it’s way below Daily Pivot (DP) yesterday, taking out a couple of Lows as it went. Support was found around 1.2840 and the buying we were looking to join twice, earlier in the day, finally came. The result – Price Action (PA) once again criss-crossed our Long Term Support Trendline http://clip2net.com/s/56lQHX , closing above Daily Critical Zone 1.2909. No entries for us in choppy conditions.
I’ve been expecting to break Short, continues to grow but there’s now evidence of a reversal in an inverted Head & Shoulders.
With Daily Pivot crossing Weekly to the North BUT untested to the South of PA, we have mixed signals aplenty. For this reason, I am unbiased going into today’s trading. A test of DP is the most likely scenario and there awaits a massive confluence area – could be a launch pad!
|4:00pm||USD||Existing Home Sales|
|USD||Fed Chairman Bernanke Testifies|
|8:00pm||USD||FOMC Meeting Minutes|