EUR/USD didn’t quite pullback as far as we anticipated because Daily Pivot (DP) refused to yield and sent Price Action (PA) back to the High of the day. This was a purely technical move and a Secret Surfing The Pips Candle Pattern caught both the entry and exit perfectly. We’ve had to be patient this week but it paid off nicely, harvesting 36 pips from only a 52 pip Doji “crop” – understandable following the NFP skyrocket of Tuesday.
Daily Critical Zone 1.3815 (already tested today) appears the only obstacle between EUR/USD and our Monthly Trendline (see yesterday’s Brief), remembering that we are at a level EUR/USD hasn’t witnessed for 2 years. Not inconceivable to think it will take some effort to progress but everything remains very Bullish. DP has edged a little further away from Weekly and the need for substantial pullback increases.
The Day Ahead
As Bullish as my bias is – I really need PA to retrace to the Short end of the “runway” before it tries to re-launch. Classic NLNS (no long, no short) beginning to the day for me. Looking for Longs after pullback.
High Impact News – CET
|French Flash Manufacturing PMI
|German Flash Manufacturing PMI
|New Home Sales
Have a great end to the week everyone.