- The MKT has a slight negative bias in a difficult "choppy" trade. On the SELL side DP BREAKOUT strategies are valid but should expect a laborious trade. UP and UT1 FADE and REVERSAL strategies are recommended but profit should be taken at initial targets. The probability is to the downside today but is not a day to press it.
- On the BUY side avoid UP BREAKOUT strategies but rather FADE a negative reaction after a positive breakout signal at the DIR. DP REVERSAL strategies are recommended over FADE strategies as "sloppy" trading conditions are expected. Any DP FADE trades should get confirmation before executing. Position management adjustments should be anticipated for all longs as sideways trading conditions can quickly erase profits.
Today's PRICE MAP Performance for EU
Wrap Up
-The EURO CURRENCY performed to expectations today. There was an early test of the DIR which presented the opportunity for a "Sell DIR Fade" strategy below the R level. The market came down to the DP, held support for a short period of time, and then broke below the DP, presenting a "Sell DP Breakout" opportunity. The break below the DP was significant because it signaled a breakout from the "Critical Range" and implied that price was transitioning lower, which indeed was confirmed when the price made new lows below the DT1.
