DollarsNSense

FLATLINER COILING FOR RELEASE

OANDA:EURUSD   Euro / U.S. Dollar
It's a little tough to get EUR/USD away from the pivots at the moment with all three DP/WP/MP in a huddle at the point I nominated as key level yesterday (1.1680). It was certainly that, price opening 10 pips above and closing just one pip away. Such is the ranging nature of the pair currently, price is STILL within a couple of pips and seemingly glued to the pivots. The constant rejection (low test) bars we've seen for the past two months means my bias remains Bullish but this coiling of a giant EUR/USD spring, is likely to unleash in either direction. When it does is a) a good question and b) more likely to occur as a fundamental shift in market sentiment than a technical movement. The ECB Press Conference later today might just be the catalyst. So, in the absence of change, my analysis is pretty much copy & paste as the pair continues to hug the mid-range around 1.1700 which makes it difficult to trade off Resistance Short, or Support Long. It would be nice to hitch a ride on the back of the ECB so I'm keen to enter - just need a setup.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.