EUR/USD staged a reasonable recovery from Thursday’s sell off and looked full of steam when it burst through DP and headed for the week’s High on Friday. Sellers stepped back in however and tempered the Bull’s roar. The day closed up 20 pips as the cross struggled to shake off 1.3700.
DP has snuck below WP, upsetting the Bullish formation but I suspect this might be a temporary situation. I like that no H4 candle has closed below 1.3700 since it was broken last Tuesday, despite many tests. Intraday charts are mixed with Lower Highs & Higher Lows so today’s direction is not clear. Early news might lead the way.
The Day Ahead
My sentiment is Bullish so favouring Longs. A couple of well tested Hotspots await PA so I’m looking forward to a setup to get things moving. It is Monday however – we’ll see who turns up for work.
High Impact News
|9:00am||EUR||German Ifo Business Climate|
May your Monday be Magic.