Morning everybody,
No big shifts by far. Markets are becoming nervous ahead of CPI numbers. Gold shows solid volatility, BTC rallies up, while GBP, AUD and JPY show opposite performance. Pressure is growing.
Speaking on EUR - market still can't pass through 1.0750 weekly K-resistance. So I would like that it is still in the game. And from that standpoint I wouldn't consider taking the new long position, if only you would like to bet on CPI number.
For the bears - it is also tricky moment. I prefer to wait for clear reversal pattern. For instance, it is possible to get later 1.27 H&S on daily chart, so it is also no needs to hurry, I suppose. Once again if you only would like to catch the precise reversal point and ready to go through CPI doom&gloom.
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On 1H chart market looks heavy and choppy, but still is trying to complete the butterfly. So, if you have longs - you could keep it, just tight stops, at least to breakeven. But for the new position taking , whatever direction, it makes sense to wait for data release, as situation could change drastically. I have some bad feeling about this rally and DAX uncontrolled upside action. Market is undervalued hawkish Fed position... or just big bulk of liquidity was injected recently that now is absorbing... difficult to say:
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