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The EURUSD was grinding higher even before the London session opened. Buyers took prices above the 1.1670 handle and are holding firm near 1.1745 as I type this.
It puts the single currency well above the make-or-break level at 1.1670. It’s a long-standing pivot and the neckline of what appears to be a head and shoulders reversal.
Not only that, but bulls have breached the trend line that extends from the current 2017 high. They’ve yet to break the level on a daily closing basis, but it’s an impressive move nonetheless.
I’m going to wait this one out. Although the pair looks primed for a move higher, we won’t know where participants stand until the New York close at 5 pm EST. As they say, amateurs open the market; professionals close it.
If the EURUSD closes the day above 1.1670, I’ll be forced to close my short position, which is marginally in profit now.
And if buyers also secure a close above the trend line shown below, I’ll be inclined to reverse my bearish bias. It would have me watching for a buying opportunity for a move back to 1.1875 and perhaps 1.2040.
Alternatively, if sellers pull off an upset and drive prices below 1.1670 before 5 pm EST, I will maintain my short. It would also keep the pressure on 1.1490 followed by 1.1300.
It’s a bit of a toss-up until today’s session closes at 5 pm EST. But with just six hours to go and over 80 pips of ground to cover, sellers have their work cut out for them.