Fools rush in where Angels fear to tread

Hi and welcome to our EUR/USD brief for today. We had our 1000th page view yesterday which feels like great support from you all. Thanks for continuing to read my brief…
Yesterday we saw the market range until the fed announcement and then chop around before settling again.

Context
It seems after bouncing around for a few days price has stopped for a breather. The Fed news was mixed and with not much more big news  due this weeks the market seems to have little idea what next.

Technical Analysis
The daily Pivot has crossed above monthly pivot. Pivot crosses are always worth watching, but with daily pivot stretching away from weekly pivot this one isn’t completely convincing.
On the 4 hourly chart we still have our lower high holding and this level remains important, a break above this would be bullish, and for confirmation of a move down we would like a new lower low. We have a collection of long tail doji bars on the 4 hourly and this confirms the uncertainty in the market. As long as price sits between Monthly and Daily pivot I will be reading and waiting.

 The Day Ahead
Fools rush in where Angels tread to step… Today I will wait and let the market tell me where it wants to go. It doesn’t matter what time I make my money, and im in no hurry in this market…
Bias- Unclear but slightly bearish based on, over extension of daily pivot from weekly, Break of daily pivot, resistance level 1.2740 holding.
Short entry: Would want to see a test of daily pivot, a move down and a bounce of resistance to be confident in direction.
Long Entry -  Would require either a break and bounce long of daily pivot, or a break of resistance.

News Today GMT
7:30am EUR German Flash Manufacturing PMI 45.3 45.2
12:30pm USD Unemployment Claims 381K 386K
2:00pm USD Existing Home Sales 4.58M 4.62M
2:00pm USD Philly Fed Manufacturing Index 0.7 -5.8

All the best
PLB