G’day Surfers – Too much ‘weight’ for pullback.

Yesterday’s Report

 

The allure of our 1.3140 DCZ on the back of Bearish momentum, were factors preventing a EUR/USD pullback yesterday. To be fair, PA resisted the gravital pull South until late in US Session and our trading day was pretty boring. We spotted the opportunity we sought to trade counter trend and although near to an entry, PA stayed glued to DP throughout our trading day and our Long was not triggered.

Technical Analysis

 

The 1.3140 DCZ is the focal point today and, as yesterday, I see it as a perfect place for PA to about face. Pivots and Trend are extremely Bearish of course and much care needs to be taken if contemplating a Counter Trend Long. The DP/WP Gap has extended further and the Gap in the market remains open. Not yet convinced – try this one: EUR/USD has seen seven consecutive selling weeks only twice since September 1999 – we are in Week 7! A delicious concoction of Trend vs Tradition.