Friday’s trading took a little of the gloss of an otherwise “stellar” week for EURO, in the context of the past 4 months but the pullback of only 53 pips shouldn’t dampen the Bulls enthusiasm too much. price Action tested perfectly our 1.2482 long term S/R level which again offered the support we’ve come to expect of it.
That very level looms large as today’s Key Level with Price Action in search of a launching pad for further gains. Our Pivots are in perfect Bullish formation with the untested Daily Pivot to the North & Weekly sitting South of Price Action. The inverted Head & Shoulders on H1/D4 continues to dominate, with the lower high on smaller time frames the only blot on a copybook Bullish scenario.
The Day Ahead
Coming out of a typically lacklustre consolidating Asian Session, I would expect some activity to liven things up this morning but then it IS Monday. I will as always, be mindful that Daily Pivot is due for a visit and will seek to find a way to accommodate that. I have a Support Trendline that may be sympathetic to my cause and deliver me a false break to the South, before proving its supportive worthiness and hurtling Price Action towards my objective. I’m not keen to enter short before I see at least a lower High on a time frame bigger than H1.
Have a top week