A very sedate start to the day gave way to fireworks later as EUR/USD whip sawed it’s way through afternoon US Session. We took advantage of the Long part of the journey, spotting a nice Surfing The Pips Secret Candle Pattern. Those who chose to ride the News announcement and those (like us) who re-placed the order (after the News failed to move the market) were passengers on a quick ride North, nicely to target. Price Action (PA) failed again to make an impression on our 1.3815 DCZ, which turned the Bullish move on it’s heels.
Bearish action appears to gaining momentum and to be targeting 1.3700 (at least). An untested Daily Pivot (DP) has ducked for the cover of Weekly and the pair are nestling together, barely maintaining Bullish formation. PA will find it very difficult to ignore this magnetic force so my Short Term bias is Bullish until DP is tested. The Resistance this pair can provide may be the point to look Short?
The Day Ahead
As above – looking to get Long until DP is tested. PA will determine where I look from there but it would appear 1.3700 might see some action again today.
|1:15pm||USD||ADP Non-Farm Employment Change|
|1:30pm||USD||Core CPI m/m|