When the market is falling. it’s nice to be invited to the party but sometimes the invitations aren’t sent out. Yesterday, no invitation was received as News started the ball rolling downhill. In fact, EUR/USD was setting up Long, both before News, on Intraday Charts & after, on H4. PA refuses to entertain us however and we remain flat. The good news is….the market actually moved!!
The 70 pip move yesterday, has PA starting the day below an untested DP. The Pivots showed the way yesterday with their Bearish formation and clearly, they remain that way. So DP commanding attention North, whilst it continues to lead the charge South. Significantly, EUR/USD has a new 2014 Low and has entered consolidation just below it’s predecessor and our 1.1485 DCZ. The descending channel has been violated and really, Short looks to be the direction.
The Day Ahead
PA barely kissed DP yesterday before heading South. I’ll be looking for a repeat dose.
High Impact News
Wonderful Wednesday everyone.