“If you’re long – you’re wrong” is an oldie but a goldie and appears totally apt, in relation to trading EUR/USD this week. There have been plenty of signs suggesting reversal was just around the corner but it appears the corner has a reverse camber! Again yesterday, we made an attempt to catch the rally that didn’t materialise and the Intraday Long order expired. Sadly, the S&R order from Tuesday triggered, but failed to deliver a TP1 and we suffered our second loss of the week. Fortunately our Risk Management has kept the damage to a minimum.
A changing of the guard has occurred with an imperfect Double Bottom replacing the failed Inverted Head & Shoulders, as potential game changer. Potential is the key word here and perhaps the Bearish Pivots and lower Hi’s & Lo’s command more respect? An 88 pip range on FOMC Statement Day exemplifies the continuing compressed market that was again, indecisive.
The Day Ahead
Keen to get back into the winner’s circle but early news will keep me on the sidelines. Perhaps that news will set the scene and we can get back in the game. I’ll stick with the Bulls one more time but my allegiance is wearing thin.
High impact News – CET
|9:00am||EUR||French Flash Manufacturing PMI|
|9:30am||EUR||German Flash Manufacturing PMI|
|4:00pm||USD||Existing Home Sales|
Enjoy your Thursday