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01 FEB 2013 | Free Daily Analysis | EURUSD : EURO TAKES SOME R & R01 FEB 2013 | Free Daily Analysis | EURUSD : EURO TAKES SOME R & R

01 FEB 2013 | Free Daily Analysis | EURUSD : EURO TAKES SOME R & R01 FEB 2013 | Free Daily Analysis | EURUSD : EURO TAKES SOME R & R -->

G’day Surfers, wow – was that January I just missed??

Yesterday’s Report

Still no pullback but EUR/USD rested yesterday, the Bulls effectively regaining energy with a 53 pip range day. Simply impossible to trade the cross for our strategy at present as the necessity for a retracement increases. The noticeable lack of Resistance sees Price Action unquestionably still Bullish however and we are happy to stay out until the overstretched market returns to technically tradeable levels.
Technical Analysis

The first day of February has seen Monthly Pivot close the gap to Weekly, yet Daily has slipped a further 25 pips North (despite the low range of yesterday). This simply adds pressure to the need for Price Action to retrace – it’s NOT compulsory however!
The Day Ahead

It’s NFP day and my charts will be resting themselves. I certainly won’t be chasing the small losses we made this week – that’s a great way to make them BIG losses. We just accept that the market took it’s “trading fees” from our account and look forward to a new Month, Week and Market – on Monday. Whatever your weekend has in store for you – I trust there’s some time for some R & R of your own. Have a great one guys – put your energy where it will do the best work: The future is stardust because you can dream it. The present is clay because you can mould it. But the past is stone because you can never change it.” Dave.

Geoff Pyne  

CERTIFIED TRADER

G’day Surfers, wow – was that January I just missed??

Yesterday’s Report

Still no pullback but EUR/USD rested yesterday, the Bulls effectively regaining energy with a 53 pip range day. Simply impossible to trade the cross for our strategy at present as the necessity for a retracement increases. The noticeable lack of Resistance sees Price Action unquestionably still Bullish however and we are happy to stay out until the overstretched market returns to technically tradeable levels.
Technical Analysis

The first day of February has seen Monthly Pivot close the gap to Weekly, yet Daily has slipped a further 25 pips North (despite the low range of yesterday). This simply adds pressure to the need for Price Action to retrace – it’s NOT compulsory however!
The Day Ahead

It’s NFP day and my charts will be resting themselves. I certainly won’t be chasing the small losses we made this week – that’s a great way to make them BIG losses. We just accept that the market took it’s “trading fees” from our account and look forward to a new Month, Week and Market – on Monday. Whatever your weekend has in store for you – I trust there’s some time for some R & R of your own. Have a great one guys – put your energy where it will do the best work: The future is stardust because you can dream it. The present is clay because you can mould it. But the past is stone because you can never change it.” Dave.

Geoff Pyne  

CERTIFIED TRADER

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