Hi
Welcome to our blog coming live to you from the Sydney live trading Floor.. Lets see what EUR/USD may have install for us…
Wednesday saw the euro cross the 1.2330 level again before not really going anywhere. It was another day that offered very little. However today looks a bit better with plenty of lines coming onto the chart.
Context
The picture still remains a bit confused with poor Euro data being balanced by the hope of ECB help for indebted countries. Yesterday Greece suggested they would like longer for their austerity program, and the Germans suggested Greece knew the rules. So the possibility of Greece being pushed out of the Euro didn’t create any major move. People have taken there positions and are waiting….unfortunately we have to wait with them...
Technical Analysis
We once again have the pivots nicely lined up in bearish formation with the Daily, below weekly and the weekly below monthly. We have further confirmation of direction from the fact the DP has moved down. Unfortunately for us we have already had the test of pivot and a move down begin.
The other major factors on the chart are the symmetrical triangles, or pennants on most time frames. Breaks of these levels will provide more confirmation of directions.
The 4 H chart is in a symmetrical triangle and the break of the triangle, will be a strong confirmation.
The big question today is can we break away from the 1.2330, I think we might….
The Day Ahead –
I like the look of today.
The pair is especially vulnerable to surprise news at the moment and still needs some caution.
Bias- My overall bias is still short, I am still sure traders looking up to sell the peaks….
NO TRADE: No worries
Short entry: I would like a retracement backup to the trend line, and a price action confirmation.
Long Entry: I am looking for a break of Daily pivot, and the trend line and a retracement back down to either of them (Providing the entry is Above DP) and a price action confirmation.
All the best
PBT
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