You didn’t need to be Einstein to recognise the need for EUR/USD to cool it’s heels after Thursday & Friday’s run at a 12 month high. There’s an interesting parallel relating to that, occurring in front of our eyes (more on that in today’s Free Trading Room). The consolidation session was duly delivered, in the shape of a 50 odd pip range which provided no trading opportunities.

I’m really enjoying this cross’s behaviour presently. Our DCZ’s (Daily Critical Zones) almost dictating where Price Action can and can’t roam and our Trendlines receiving lots of attention. Next step is for setups to appear at our Hotspots – and they will.  With Daily Pivot coming to the market, rather than the reverse, I’m not convinced that we’ve seen sufficient pullback for the Bulls to resume their charge but I can certainly see an ascending triangle on Intraday charts, suggesting continuation is imminent. Our Pivots are certainly in Bullish order but the 330 pip gap between Daily & Monthly Pivots, whilst not alarming, is worthy of note. If you’re getting the idea I’m a little mixed in sentiment – you’re right! This despite all charts pointing skyward. I can’t possibly short EUR/USD however, until some concrete evidence appears that the Bulls are done – apart from the hint of a Double Top – THERE’S NONE!

As always I’ll trade what I see and I have three Hotspots to help me find some pips. I’m thinking Short before Long in terms of direction so it will be interesting to see if Price Action is agreeable.

10:00am

USD

CB Consumer Confidence

You didn’t need to be Einstein to recognise the need for EUR/USD to cool it’s heels after Thursday & Friday’s run at a 12 month high. There’s an interesting parallel relating to that, occurring in front of our eyes (more on that in today’s Free Trading Room). The consolidation session was duly delivered, in the shape of a 50 odd pip range which provided no trading opportunities.

I’m really enjoying this cross’s behaviour presently. Our DCZ’s (Daily Critical Zones) almost dictating where Price Action can and can’t roam and our Trendlines receiving lots of attention. Next step is for setups to appear at our Hotspots – and they will.  With Daily Pivot coming to the market, rather than the reverse, I’m not convinced that we’ve seen sufficient pullback for the Bulls to resume their charge but I can certainly see an ascending triangle on Intraday charts, suggesting continuation is imminent. Our Pivots are certainly in Bullish order but the 330 pip gap between Daily & Monthly Pivots, whilst not alarming, is worthy of note. If you’re getting the idea I’m a little mixed in sentiment – you’re right! This despite all charts pointing skyward. I can’t possibly short EUR/USD however, until some concrete evidence appears that the Bulls are done – apart from the hint of a Double Top – THERE’S NONE!

As always I’ll trade what I see and I have three Hotspots to help me find some pips. I’m thinking Short before Long in terms of direction so it will be interesting to see if Price Action is agreeable.

10:00am

USD

CB Consumer Confidence