Analysis and Play of the Day were a perfect template for EUR/USD yesterday and that’s how the market unfolded. Trading it however was like trying to cross a busy 8 lane motorway while sleep walking. The market was ducking & weaving in a tight range prior to the anticipated Daily Pivot test. It then whipsawed through the News releases before crashing straight to 1.3700 late in US Session as reaction to the Fed’s Statement. Untradeable!
1.3700 has been broken today and Price Action is already at DS-1 after DP has been tested. DP has crossed WP to the South confirming a Mixed scenario. If 1.3700 can withstand the downward pressure, there’s good reason to be thinking Long BUT, the reverse is true if it can’t. It is definitely today’s key level.
The Day Ahead
I need to await the outcome of the battle of 1.3700. Confirmation North or South required. I have a slight Bullish sentiment but the current battle is crucial.
High Impact News – CET
Have a great Thursday everyone.