Happy New Week Surfers, well……… it’s NFP and a big reporting week so it’s steady as she goes.
Last week’s correction of the Euro has brought it down to the bottom of a bullish channel that has been forming since the beginning of the year. We are now confronted with the question “is that a retracement & will we see a bounce back and continued resurrection”? OR – “has the market decided this is as high as we’re going for now and the retracement becomes a bearish trend”?
I am favouring the resurrection and therefore a little bullish. Why? – OK…..1) The closing of last week’s gap and the bottom of my bullish channel is a nice level of support and just below that, lies our DCZ (Daily Critical Zone – more support) and 2) I still consider there to be the influence of an inverted Head & Shoulder on the Daily Chart & 3) A Squirrel has appeared on the Weekly Chart. However, the pivots don’t agree with me and whilst mixed, appear to be favouring the Bears. Add to that it’s Monday of NFP week and you can appreciate we must treat this situation with much care.
There are some hotspots to find entries however and we will look for our StP Patterns at those.
Have a great trading day everyone.
Geoff
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