G’Day Surfers, if you thought the Greek election result was going to send Euro rocketing skyward, better put that on hold.
We Aussie’s have a rather poignant statement to describe an unlucky event……..”You don’t have to be dead to be stiff”. I think it aptly describes our misfortune yesterday, not to have bagged some of the pips on offer, as Euro crashed through the open gap and beyond. Price Action dutifully accessed our Hotspot and delivered us an entry and 1st take profit but recoiled by just a couple of pips too many, hitting our adjusted stops and leaving us with a break even day. That the cross fell by a daily total of 190 pips reinforces suggestions that the positive weekend’s Greek election result was merely a speed bump in the EURO’s demise.
The weekend gap has kept the Daily Pivot nestled between its extended family, suggesting the market is still mixed in nature. Worthy of note however, is the fact we are still seeing higher highs & lows, on H4. Asia session has seen a pullback off yesterday’s lows and late action is poised to take a lunge at the nearby, untested Daily Pivot. Technically, I have a slight Bullish sentiment but I’m very conscious of the still existent fundamental crises that confront EURO and the propensity for it to fall out of the sky at any hint of negativity. The appearance of a continuation flag won’t help the case for longs.
The Day Ahead
I’m struggling to find a close proximity Hotspot today and I’ve chosen to go the conservative route, going with the two extremities of Support & Resistance trendlines. Until Price Action comes to meet me at the “outskirts of town” – there will be no showdown. I have a far better chance of victory in the open today, rather than in the busy main street. If Price Action reshapes things & gives me some good inner action, then I’ll reassess but for now, it’s wait & see.
Don’t forget – Surfing The Pips is on holiday for a week after today with full services resuming on Wednesday 27th June.
Till then – stay safe & have fun.
Geoff Pyne | Certified SurfingThePips.com Trader
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