Hi
The market continues to drift around support and resistance levels making trading reasonably difficult.
Context
The market is now watching Greece and Spain to see how there financial situations will play out. Will (when) Spain ask for a bailout, and will Greece eventually decide to let go off the Euro. The market is nervous and the USD is strengthening a little as a safe haven. But really we ae in the half time break and are awaiting the restart of play.
Daily pivot has moved down and is below weekly pivot so I am a little bearish. Statistiaclly when Pivot moved the opposite way to price, is broken and then broken back in the direction of the pivot move (down today) price finished in that direction. So statistically we should finish below DP. If you like the break of DP was followed by a test of the 100 ema on the 30 minute chart and the return to the extension leg down.
We have a nice little Doji on the 4H chart making a lower high and confirming a short bias.
The Day Ahead –
We seem to have a USD rally but its messy and fragile and it won’t take much to change it. As I write this the market is testing the 1.2910 support level, we could get a bounce here before another look down.
Bias- My overall bias is still short, but the market is still pretty mixed at the moment.
NO TRADE:
BEST Short entry: Wait for the bounce here, then the reversal back and break of the support line and a test from below.
BEST Long Entry.. A price action reversal form this level would interest me, I would want the levl to hold, a tight stop and I would cash in half pretty early.
Other entries..
RED NEWS
2:00pm EUR ECB President Draghi Speaks
3:00pm USD CB Consumer Confidence
All the best
PBT
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