Happy New Week Surfers – indeed the biggest of the Month.
My expectations were to start NFP week somewhere outside the near Month long “residency” between 1.3030 & 1.3115……..WRONG! Despite “straying” for a few days last week, EUR/USD once again, fought it’s way back above 1.3030 on Friday, which is best described as a boring day that ranged just 56 pips. I do hope you found a better way to spend your time.
The longer this to-ing & fro-ing continues the more difficult it becomes to form a bias. Dependant on the Chart I view, I see the market breaking differently. All the more important to define our Hotspots and await good setups. Our Pivots are Bullish for the first time in over a week and I can certainly be persuaded by a now very large Bullish continuation Flag #1 that the next move is North.
The Day Ahead
We are blessed with two very nice Hotspots today, I’m particularly fond of our Resistance Hotspot. Favouring a Long entry but would not be surprised if Price Action wants a second test of a near combined Daily/Weekly Pivot prior to launch.
High Impact News
|Tentative||EUR||Italian 10-y Bond Auction|
|4:00pm||USD||Pending Home Sales m/m|
May Moving week be kind to you.