4/16/2013 German ZEW Economic Sentiment (0500 EDT)
Started @ 1.3050
1st Peak @ 1.3031 – 0501 (1 min)
Reversal to 1.3095 – 0537 (37 min)
Notes: The reading came in about 5 points worse than the forecast to disappoint the market. This caused a 19 tick short spike on 1 bar that crossed the S1 Mid Pivot and extended the LOD, but was unsustainable, leaving 9 ticks on the tail naked. With JOBB you would have filled short at about 1.3040 with higher than normal slippage of 6 ticks. After the spike, it pulled back and chopped between 1.3043 and 1.3032, but settled between 1.3036 and 1.3033 for about 20 sec in the middle of the bar allowing for a handful of ticks to be captured. This is becoming a trend where this report has an unsustainable 1st peak. The reversal was large and relatively quick for 64 ticks in 37 min, going from the LOD to the HOD, likely due to a larger oversold sentiment in the market.