G’day surfers, well another European Economic Summit has come and gone and another lot of issues were discussed and problems recognised yet not many solutions to the mess into which Eurozone countries are firmly entrenched. I would really like to ignore these talks and announcements but to do so, would render me underprepared in my daily analysis of what the market might deliver. I do feel however, that now the latest summit has been conducted – we should see the market settle into some trending……….let’s keep our fingers crossed!
Certainly the Euro regained some ground lost in yesterday’s Asian and early London sessions as the market reacted somewhat favourably to the direction of yesterday’s Summit. Price tested Friday’s lows @ 1.3075 before regaining 50% ( of the 150pips lost), during the US session and another 30% during today’s Asia session. So as we go into today’s trading, price action is pretty much where it was this time yesterday. News has just been released out of Germany & France, with more news due at 0955 & 1100 CET. Trading the StP way keeps us safely on the beach during these announcements but there may well be a couple of opportunities if the market will play our game.
So where do we catch a wave today? Well we remain suspended inside this bullish channel, inside a mega bearish channel so really in no man’s land. With the pivots still mixed (this may change tomorrow when the new month begins), it’s difficult to have a definite sentiment, yet mine is for the bulls short term. A potential entry long exists currently with an imperfect Rhino at an intraday resistance trendline. With news just out however, I won’t be trading it. There will hopefully be a good setup off this line later. That is of course hotspot 1 for today and the other exists with the bottom of our bullish channel – watch for AAA setups at both points, for entries in either direction.
Be mindful of the news guys and don’t forget we are in NFP week so small stakes please.
Have a great trading day.
Geoff | Certified SurfingThePips.com Trader