Once again, EUR/USD failed to secure freedom from its constraints and retreated back into the range, after Monday’s brief ‘escape’. Intraday, we saw the recapture coming and placed the Short order that expired seconds before PA sped through DP before ‘lights out’ at WP. Compounding our misfortune, the Long S&R order placed on Monday (looking for a successful breakout), triggered prior to the fall and closed out with a loss.
The FOMC Statement due this evening is a normal ‘market killer’ so that technicals take a back seat. A spattering of Red News today might have the market toing and froing however. We will trade when we can and of note is the Bullish Pivot formation, untested DP above PA which is nearing the bottom of the range. Slight bias Long but it might be a fundamentally based Wednesday.
The Day Ahead
Would like to find a Long off the bottom of the range, playing a DP Test – that’s Plan A.
High Impact News – CET
|11:00am||EUR||CPI Flash Estimate y/y|
|2:15pm||USD||ADP Non-Farm Employment Change|
Wonderful Wednesday everyone.