Another ranging day for EUR/USD with Price Action confined to 55 pips and an 8 pip gain. Despite the tightness of the market, we saw an opportunity to play the Daily Pivot (DP) Test but our Short order expired prior to the movement we sought to catch. The acceleration finally came but DP (yesterday’s “sore thumb”) remained untested by a just few pips.
Despite the tight range, DP has continued upward and now sits 74pips above weekly but certainly no suggestion of an overbought market. The mixed nature continues however, with Monthly to the High side. Daily Pivot has been tested today so no short term hint at direction. Lower highs and lows intraday complete the uncertain picture.
The Day Ahead
As it’s Thanksgiving Day in the U.S. we will not be trading and will end our very quiet week with only one entry – a Break Even Swing & Relax Trade. In a week where the market gave up little, we’re happy to keep our capital. Enjoy the long weekend and Happy Thanksgiving America!!
“Gratitude in isolation can focus too much of our attention on ourselves and we can forget that not everyone has it so good. Our thankfulness that we have enough is no substitute for making sure everyone has enough. We accomplish this through giving and teaching, but also through working to change systems that oppress and exploit the poor and the vulnerable. Gratitude must be balanced by a commitment to justice” John Beckett.