The break away from 1.3600 remains on hold as PA remains around that level, in a now very familiar range. Friday’s trading was very much down & up, with no ground made in either direction. EUR/USD closed the week out at 1.3596.
Reflecting PA and I believe market sentiment, our Pivots are mixed, with DP tested. At this stage, traders appear to have rejected prices below our 1.3585 DCZ. The reaction to the Euro interest rate cut has failed to sustain the Bearish momentum. Whether this is an open invitation to the Bulls, is yet to be proven but I have to believe the lack of a sell off, is significant. I’m ‘suspiciously’ Bullish, on that premise.
The Day Ahead
Early News will keep me quiet this morning but may set the scene for the rest of the day. It’s Monday so steady as she goes.
High Impact News
|9:00am||EUR||French Flash Manufacturing PMI|
|9:30am||EUR||German Flash Manufacturing PMI|
|4:00pm||USD||Existing Home Sales|
Magic Monday & Wonderful Week