Another low volume day on Friday within balance of the past week. Movement at the end of the month saw some two-sided trade late on so we failed to see one side take control. It was a very low volume week overall but this is likely to change this week with lots of economic numbers and central banks announcing. We expect to see the market balance then make a directional imbalanced move, then balance again. The last week has been stuck in balance so the odds of seeing a directional move this week are high, especially with the ECB announcement on Thursday regarding QE.

Last week's RTH profile showing value between 2104-2112 with POC at 2110 (VPOC at 2109). There is also a notable HVN at 2103 which longs will need to defend.

There has been little reaction to the news that the PBoC cut rates over the weekend and Euro manufacturing PMI came out slightly weaker than estimated. The overnight range is currently 2103.25-2109.25, with Friday's settle at 2102.75. There are US personal income and ISM manufacturing numbers out at 7.30 & 9.00 ct.

I'm watching to see if we still accept last week's value area for a move up or fail below 2103 for a further test to the downside.