G’day Surfers – EURO News Blues, but not TOO bad.
EUR/USD yielded more ground (albeit less than it might have) yesterday on the back of some pretty good numbers coming out of the USA. Apart from reaction to the announcements, it was the familiar sight of consolidation prior & post, providing very little by way of trading opportunities. The one opportunity that did present was for a Short but the consolidating early London Session dragged on and our order timed out without triggering.
Price Action (PA) has now settled below our 1.3115 Daily Critical Zone (DCZ) but I don’t know it’s done with it yet. Pivots remain mixed and of little directional use again, except that Daily is untested to the North. With PA midway between the 1.3115 & 1.3030 DCZ’s, it really is a toss of the coin which way EUR/USD will head today. I slightly favour the Bulls to re-enter calculations on the back of a strengthening base, at a decent Support level #1.
The Day Ahead
Our only Support Trendline appears the logical Hotspot and we’ll know soon enough if it can produce the goods. If PA continues South – next Hotspot is yet to be formed. There are a few options above PA however – we’ll look for a Long.
High Impact News
Might be some action – enjoy it.