It is like the Movie Ground Hog Day, its getting Dull lets get a move on here

Hi and welcome to our blog, and our EUR/USD brief 

I am in Sydney today and its nice to have a little more time for writing the blog, unfortunately all the time in the world wont stop this feeling a bit like groundhog day.

Tuesday saw the Euro look up and then push down, as it once again breaks 1.2330 but does go anywhere. 

Context

People are waiting and watching the Euro, fundamentally to see if the ECB will help fund Spanish and Italian debt, while technically we are checking if this move has gone far enough….

Technical Analysis

The DP is now above the weekly pivot, and continues to slowly push up. But the story right now is about 1.2330 and the support below (weekly pivot) and above (Daily pivot). Until we see these areas left behind we need to stay out of the chop and watch and wait.

The 4 H chart has a symmetrical triangle forming and break of that would be a great indication we ae on the move again.

The Day Ahead –

Its always nice in the blog to be positive an have clear directions and information but the market doesn’t work that way. The picture is unclear to me, and we really need to give this some space so it will show us what it wants to do. I will be especially careful between the weekly and daily pivot, price could get stuck in there for some time.

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….

I suggest doing something else today, but if you must….

 NO TRADE: I am not going to trade today between Daily Pivot and Weekly pivot.

Short entry: I would like to see some buying foirst, then a sell, and a retracement to the Monthly Pivot for a lower high.

Long Entry: I will wait until the symmetrical triangle has been broken and retested… will be a good trade if it happens.

All the best

PBT