The move up starts to extend

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

Yesterday saw the Euro push higher before once again coming back to finish nearly exactly where it started.

Context
Contusing talk of ECB supporting debt for under pressure countries continues to hold the Euro above recent levels.

Technical Analysis

Daily Pivot moves up again today and now pushes 97 pips above weekly pivot, with monthly pivot in between. The 97 pips isn’t yet at the overextended level but it is approaching it. We will be expecting a slow push up today but nothing to drastic.
The 4H chart is looking ‘toppy” and again suggests a stalling of the momentum up.

The Day Ahead –
With Daily pivot moving up, we are looking for a move up today but with levels of extension being approached it should be a slow move.
Bias- My overall bias is still short, I am still sure traders looking up to sell the peaks….
 NO TRADE: I won’t trade between the 1.2380 level and the daily pivot today.
Short entry: I need to see a break of 1.2380, and a pullback to a lower high. Shorts at half risk today.
Long Entry: I would like to see a break of trendline, followed by a test from above, followed by a break of DP, with another higher low testing pivot.

 No RED News Today GMT

All the best
PBT