Trading was light on Monday due to a U.S. holiday. Although the EUR/USD is managing to post a small gain, it was range bound. Typically, an inside day indicates impending volatility which we could see when the Forex markets resume their normal activity on Tuesday.
Based on the short-term range of 1.3403 to 1.3256, the new pivot price is 1.3330. This price is controlling the short-term direction of the market. Since the market is trading below it, there is a slight bias to the downside.
Daily EUR/USD Chart
A trade though 1.3256 will confirm last week’s closing price reversal top. This is likely to trigger an acceleration into an uptrending Gann angle from the 1.2997 bottom at 1.3217 today.
The spiraling action on the 60-minute chart is another indication of impending volatility. The short-term range is 1.3332 to 1.3299. A break out through either price is likely to trigger a volatile move.
Hourly EUR/USD Chart
A trade through 1.3332 is likely to trigger a move to 1.3370. A move through 1.3299 will likely means a quick test of 1.3280 then 1.3256.
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