Hi and welcome to our EUR/USD brief for today.
Another good day for us yesterday with the pair behaving largely as expected. We got a nice tight entry under daily pivot and another simple winner.
Context
This week the market waits for the EU leaders to once again meet and come up with no meaningful solutions. The EU would be better off if they stayed home and donated the saved costs to Greece. Still the market waits and we may well have to wait with it.
Technical Analysis
WE still have our Pivots lined up in bearish order but they are beginning to look slightly over extended and I expect a small pullback during the day today. AS long as we keep putting in lower lows and lower highs on the 4 hourly chart I will let the retracements pass and my entries will be short.
The Day Ahead –
Bias- Slightly Short, the key is similar to yesterday, we need to be patient and wait for a lower high at or below DP…For me this our high probability entry
Short entry: I won’t go short above daily pivot in this type of market so I am going to need to see DP broken and then a lower high at or below DP to get short.
Long Entry – If we saw a push up and break of our resistance level I would look for an entry on a retracement. I do expect a retracement and breaking of the level would suggest a stronger move..
News Today GMT
12:30pm USD Core Durable Goods Orders m/m 0.9% -0.9%
2:00pm USD Pending Home Sales m/m 1.2% -5.5%
All the best
PBT
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