The re-test of our broken Support Trendline was answered emphatically on Friday as the Thursday pullback was unceremoniously swamped.Although 1.2800 was spared from an assault, that level remains in sharp focus.
EUR/USD remains under enormous pressure and it’s impossible to be anything but Bearish the cross. That said, PA is well below MR-2 and is in need of a break from the onslaught. Problem is, apart from the psychological 1.2800, the next real Support is still 80 pips away at DCZ 1.2775. It’s really difficult to thing Long, until that level. Pivots are clearly Bearish with DP already tested on the back of some Asia Session buying.
The Day Ahead
It will take a good setup for me to trade Long today but of course stranger things have happened.. Short is still the sport!
High Impact News – CET
|ECB President Draghi Speaks
Magic Monday everyone.