Greetings Everyone!
We consider the recent Risk Appetite gestures with a certain amount of discretionary caution, despite the positive Macro-Data of recent weeks.
The ever-evolving rotation of Appetite to Aversion is still with us, as we work with it head on with plenty of liquidity and volatility from an IntraDay perspective.
As we look at the Euro… we can reasonably assume this similar “Push and Pull” of Price Action within most Majors lately… especially looking out on the Weekly and Monthly Views for those of you who prefer Position Work.
Our previous Downtrend Channel on the Daily has been significantly violated as Price moves towards the 1.4450’s Static Resistance. “Anchored” right in the Mean of the 1.4200-1.4450 Range here… Price is showing some “Neutrality” in Sentiment.
The Fib Variant Confluence at the 1.4180’s/1.4200 Area may certainly be attractive to Price for a Re-Test, and a significant Breach will see the 1.4040’s Static Support as the next area of contact.
The Break of the Symmetrical Triangle here led to a bit of Appreciation… despite still being in the Consolidating Range that we currently are observing.
Post-Time is 14:30 GMT.
On the Hourly View… a Horizontal Range keeps Price locked into a phase of Accumulation, and a Catalyst will be needed to Clip the Area irregardless of directional bias.
We will certainly check in to see where our “Directionless” Friend emerges, so please join me again soon!