G’day Surfers – 100 down but Lows intact!
Asia opened – EURO crashed, then rallied. Europe opened – EURO consolidated, then crashed. That was pretty much yesterday in precise but to be fair, the 100 pip fall came largely on the back of a good Consumer Confidence number out of the States. I hesitate to label the fall a crash as it failed to take out any significant Lows #1 but DID manage to smash through strong support of our daily Critical Zone (DCZ)1.2909 and our long Term Trendline #2. We saw two opportunities to enter long, anticipating a break in that direction but neither triggered.
Still unable to shake the shackles provided by our DCZ, EUR/USD remains without trend. However, Daily Pivot has now crossed Weekly to the South, to lead a perfect Bearish formation. That Daily Pivot has not yet been tested suggests some pullback prior to more selling.
The Day Ahead
That’s the way I’ll approach the day and see what Price Action delivers at my Hotspots. Tough to find a Resistance Trendline currently but PA might help out there.
High Impact News
Winning Wednesday everyone.