G’day Surfers – WANTED: EURO BUYERS…….IMMEDIATE START REQUIRED
Only EURO sellers were trading EUR/USD yesterday, with no buyers in sight. Once the consolidation broke to the South – there was only going to be one result – a weaker EURO, on the back of continued uncertainty in the market. Not as emphatic as Monday’s crash, the selling stopped (surprisingly) in the middle of nowhere, well short of the obvious “next stop” of our Daily Critical Zone @ 1.2675. Without bias, I couldn’t find a good enough setup to enter so no trading.
As above, EUR/USD paused at a non-technical level @ 1.2750. Already through any Technical Support, Price Action is now re-testing psychological 1.2800. which coincides with Daily Pivot. The Trend remains extremely Bearish, in full agreement with the Pivot alignment. The ONLY encouragement for Buyers being the now substantial gap between our Pivots http://clip2net.com/s/4OSaE6 . It’s difficult to imagine that 1.2675 is not in the Bear’s sights however and that technical reality may not be sufficient to cause a reversal/substantial pullback.
The Day Ahead
Very difficult to ignore the overwhelming pressure EUR/USD finds itself under on both technical & Fundamental levels so I would need to see a substantial reversal confirmation before entering Long. With the cross displaying “Oversold” signs, it’s also tough to become a seller. I will consider the latter at very small stake should a setup appear but I’ll be content to greet the Easter Bunny without trading prior to his visit.
High Impact News
With the Easter Break tomorrow through to Tuesday, there will be no Daily Brief tomorrow or Monday. May I take this opportunity to wish you and your family a joyous & loving time over the long weekend – I trust you find time to rest and if not of the Christian faith, maybe spare a thought for the less fortunate in the world who maybe won’t enjoy some nice chocolate! These three guys seemed to know a thing or two – don’t you think?