Happy New Week Surfers,
In somewhat of a pre-emptive strike of The Fourth of July, European Banks celebrated their very own “Independence Day” last week as European Leaders loosened austerity shackles.
A EURO Skyrocket launched immediately, its 1st stage surging EURO 180 pips into the stratosphere and stage 2 another 70 pips, post separation. In the best news for EURO since (seemingly) sliced bread, interestingly the move took out intraday highs but failed to eclipse those of the previous week!! Indeed, Price Action found strong resistance at our old favourite 1.2677 level where it bounced and is now consolidating some 50 pips lower.
What a difference a day makes! From an oversold Bearish Market when we last traded on Thursday, we begin this Non Farm Payroll week with Daily Pivot stuck like glue to Weekly, the pair bobbing above Monthly, apparently keen to display Bullish behaviour. Daily’s untested status and it’s close proximity to Weekly, will be of keen interest to Price Action and the gravitational force between them needs to be firmly in our minds today. No matter the time frame, I still see only consolidation and various reasons to support both Bulls & Bears.
The Day Ahead
The fact the BIG fireworks are in USA this week with July 4th AND Non Farm Payroll, may take a little of the attention away from Europe…………..NAaaahhh – it’s STILL all about Europe! The way the market reacts to Ecosummit determinings (having had the weekend to cool it’s heels), will be quite interesting. Daily & Weekly Pivots are my first focus so I am looking for the pullback off Friday’s surge to continue till they are tested. If I can find an entry to accommodate that move – happy days.
Have a good one.
Geoff Pyne | Certified SurfingThePips.com Trader
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