EUR/USD was trading at 1.3570 when UK session began yesterday, travelled the well worn path to Daily Pivot (1.3521) and “bounced” back to close at 1.3574 and a new 3 week High. The 53 pip travel we had to work with produced nothing by way of a setup so we stayed flat.Our Swing & Relax trade from Monday closed out at BE, with the see saw nature of PA.
Like a sore thumb, Daily Pivot (DP) sits untested, well below Price Action (PA). Whilst it’s not compulsory, this pair are quite fond of a daily rendezvous and that gives me short term direction. Shorting this now re-established Bullish trend however, needs some care. A lower High would help but we also need a nearby Hotspot and as we enter UK Session, both may be available after a while. Tough to be thinking Short (apart from the DP Test) with a new High continuing a Bullish sequence, but if it sets up, it could be the Play if the Day.
The Day Ahead
DP test then Long would be ideal and with some nice Hotspots forming, we lay in wait.
High Impact News – CET
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Wishing you a Wonderful Wednesday