Another low volume day for EUR/USD that saw PA fairly Bullish. 37 of the forty pip range counted and the cross rounded the week out at 1.3646, some 77 pips above where the week began. That’s now three weeks spent inside the H4 candle produced by the interest rate drop – WOW!
NFP week begins with PA at the top of a five week old 170 pip range, apparently heading North. I must say that the Bullish ‘momentum’ is far from convincing. Pivots are also uncertain with DP & WP glued together and untested. That gives me a Short Term directional bias Short but really – I’ve got nothing after that. It being Monday of NFP week, my expectations of that changing, are quite low.
The Day Ahead
Final day of the Financial Year, NFP Week……hmmmm, not too sure we’ll see action but I’ll be there if they make a move to DP – just need to find an STP Secret Candle Pattern at a Hotspot.
|11:00am||EUR||CPI Flash Estimate y/y|
|4:00pm||USD||Pending Home Sales m/m|
Magic Monday all.