EUR/USD took a 53 mini correction yesterday, having spent the latter part of last week “recovering” from the Fed’s backflip. Hardly enough selling to say the post Fed consolidation had been broken however so really, a typical Monday Market.
A well formed Flag has formed on Intraday charts suggesting the next move will be a Long continuation. Pivots in perfect Bullish formation tend to agree with that
and with the absence of any Reversal pattern, it’s tough NOT to be thinking Long. Indeed the ONLY technical imperfection for the Bulls, is the Open Gap that failed last week, to close.
The Day Ahead
I’m keen to get Long but have, at this stage, only a weak support Trendline to play early on. Should Price Action (PA) see fit to provide an alternative near PA, either Hotspot will do! I will be mindful however, that week old Gap, may want to close! Early Red News may well play a part.
High Impact News - CET
|9:00am||EUR||French Flash Manufacturing PMI|
|9:30am||EUR||German Flash Manufacturing PMI|
|4:00pm||USD||CB Consumer Confidence|
Terrific Tuesday all.
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