Happy New Week Surfers,
hope you enjoyed the extended weekend, thanks to the Presidential Bank Holiday in the USA yesterday. Whilst it was all about the land of hope and glory yesterday – it’s certainly all about Greece today as the €130b bailout package is implemented. Lots of belt tightening and dissention to be negotiated in the coming weeks/months there for sure and lots of volatility on the Euro today, I would expect.
Add to that, the Ecofin meetings and we could be in for a bumpy ride today. Asia session has traded in a 110 pip roller coaster range trying to deal with the news and it will be interesting to see how London will react. We will need to be extra careful!
Technically, the fall of last week has all but been erased as the cross now approaches a showdown with our Daily Critical Zone resistance at 1.3285. I recall this is exactly where we began last week, noticing a long signal on the Daily chart. I must say my sentiment is indeed bullish and technically the pivots agree with me as DP has now surged above of WP and MP. Things may change rapidly today and I have only one hotspot for the early session, where I hope to find an entry – it will be a strong level where my resistance and support trendlines converge at DP level – let’s hope they come there and present us with a good start to the week.
Have a great day in the surf.
Geoff | Certified SurfingThePips Trader