Third winner in a row, but watch out for today's trap

Hi
Welcome along readers I do hope your trading is improving….
Another winner for those who take our trade suggestions yesterday as we easily broke the ascending triangle, took some profits and 1.3000 and hopefully left some of our position to push up. I expect most of you banked somewhere between 1-4 % in what is becoming a really nice little run.

Context
The market is lifting on suggestions that Spain will ask for a bailout in November and to suggestions the Germans might support some interim support. We have the EU summit tomorrow which is likely to again provide more photo opportunities that breakthroughs but the market will watch it closely as it still watches Greece and especially Spanish bond pricing. More supportive news on the Spanish situation could spike price otherwise I am expecting a slow day.

Technical Analysis
The Daily Pivot remains above weekly pivot and in perfect bullish order, this is normally the perfect long set up but today its a trap for the inexperienced trader. Price currently sits nearly 80 pips above Daily pivot, and solid resistance is only another 20 pips away. The Euro VERY RARELY moves more than 120 pips away from Daily pivot, and if it does so today its likely to be on a news spike.

The 4H chart is bullish with higher high and higher low, but also looks well over extended and due a pullback.

The Day Ahead –  
Everyone will be looking long, but  am expecting a consolidation or pullback. The question is how to make money form such a move…
Bias- Just not sure at the moment
 NO TRADE:
BEST Short entry; While I like an entry short today, I just cant see how to make a good one. I am afraid i while I will watch and look for an entry, but today may be a no trade day for me.
BEST Long Entry.. I am not going to trade long today, but for those that want to; an order above yesterday’s high may take any news move, but is unlikely to be triggered in a consolidation. Its higher risk.

 RED NEWS Today
3:00pm USD Existing Home Sales
If you have any questions you can submit them here or email me at paul@paulbotterill.com

All the best
PBT