G’day Surfers – BOUNCE, it did.

Yesterday’s Report

 

Somewhat prior to my expectations, EUR/USD answered yesterday’s “Bounce or Bye Bye” question with some spirited buying on a very positive day for the cross. Attempting to catch a Short to accommodate a Daily Pivot (DP) test, I was left with no entry and a sore neck, watching Price Action (PA) zoom to DR-1 & beyond. Big move for a Monday!

Technical Analysis

 

The bounce off Daily Critical Zone 1.3115 dutifully ceased just 5 pips adrift of our next DCZ (1.3285). Daily Chart shows a substantial false break of our former Support Trendline #1 which now pleads with PA to re-test it. The confluence with an untested DP at this level, should attract PA like a Bear to a honey pot. Pivots are mixed but I suspect the Bulls might see an opening if the Bears succumb to the sweet temptations below.