Pivots are lining up, timing is the key June 26th

Hi and welcome to our EUR/USD brief for today.

I’m sorry we had no blog yesterday; I was late back from holiday.

Context
The market appears to be ignoring recent bad Euro news and waiting. In the last few weeks we have got through the Greek election, Spanish Bank Bailout, G20 Meeting and the Fed statement. Now we wait on the Euro leaders’ summit where the Germans will once again tell the struggling nations the only way out for them is the way that happens to benefit the German Economy the most… Its unlikely that news will do much to help

Technical Analysis
We now have our Pivots lined up in perfect bearish order and I will be looking to get short today. The market appears to have put in a lower high above daily pivot, I will be looking for one at or below DP today.
The 4 hourly chart does offer some balance to this showing a large recent sell off and the high likelihood of a stronger retracement move before we head down.

The Day Ahead –
Bias- Short, the key is finding the right lower high to get into the market.
Short entry: Ideally I would like to see a retest of Daily pivot as a lower high, I will wait for an entry under DP even if there is a retracement.

Long Entry - Despite the fact we might see a retracement, I wont be looking long today.

News Today GMT
2:00pm USD CB Consumer Confidence 63.8 64.9

All the best
PLB