Yesterday's trading sessions were lethargic to say the least, but the dollar managed to inch higher against the euro. The market showed little reaction following release of the Empire manufacturing data, despite the better than expected headline number. We have a slew of economic data releases today, pay attention to German ZEW index, US PPI, and TIC report releases. I'm still waiting anxiously for a bearish signal from the hourly Cornflower setup!! Damn!!
Today's Pivot Points:
R3 = 1.3841
R2 = 1.3821
R1 = 1.3796
PP = 1.3776
S1 = 1.3751
S2 = 1.3731
S3 = 1.3706
Today's Calendar:
1- German ZEW Economic Sentiment 5.00 pm
2- US PPI and Core PPI 8.30 pm
3- US TIC Net Long-Term Transactions 9.00 pm
4- US Industrial Production 9.15 pm
5- US Capacity Utilization Rate 9.15 pm
Today's Strategy:
1- Asian high low breakout. (will discuss about this setup later).
2- Waiting for a nice sell signal from the hourly Cornflower setup. (refer to Friday's chart, I think it is still valid!)
3- Buy on dips, 1.3750 and 1.3730 provide as good supports.
4- Sell on peaks, 1.3795, 1.3815 provide as good resistances.
Footnote: Higher interest rates, a weapon against inflation, can bolster a currency by giving better returns on fixed-income investments.
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