Heavy bearish close last week as we tapped into the recent highs set the week of Jan 4 , we corrected the move and continued the break below 127.076 and 126.818. We closed the week with lows New York set at 125.371. With JPY news coming out today 11:30EST, we can expect some sort of volume heading into London session. Not much volume expected until later Monday evening Asia session, due to US bank holiday tomorrow. Depending on the result of the JPY news Industrial Production (YoY)(Nov) , we may continue to break lower due to EUR closing down again from virus problem. Euro group meeting tomorrow to discuss vaccines shortage problem, as EUR scrambles to find a solution to permit loosening of lock downs. If we continue to break lower we will see some sort of break and pattern formation below 125.266. Targets for sells will be around 125.00.
BUYS IF
price starts to reject 125.366 area, we can start to anticipate buys above 125.785 area. Depending on how price behaves leading up to a buy scenario past 125.785 we can target levels 126.176. Again price will show bullish pattern formation above 125.785 area and correlate with session times for buys to workout.
Updates for potential buy entry as we get closer to buy area will be posted at a later date.
BUYS IF
price starts to reject 125.366 area, we can start to anticipate buys above 125.785 area. Depending on how price behaves leading up to a buy scenario past 125.785 we can target levels 126.176. Again price will show bullish pattern formation above 125.785 area and correlate with session times for buys to workout.
Updates for potential buy entry as we get closer to buy area will be posted at a later date.