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01 July 2014 | Free Forex Analysis | EURUSD : UNEXPECTED RALLY ON NFP MONDAY

DB 0107 Daily
DB 0107 H1

G’day Surfers – into & out of the Blue.

Yesterday’s Report

 

Just when I least expected, EUR/USD broke the top of its recent range and headed directly to 1.3700 yesterday. Not that a 57 pip Day is anything to write home about, but on NFP Monday, my expectations were for consolidation, rather than breakout. Accordingly, I was happy to place an early Short order – it was totally ignored so no entry.

Technical Analysis

 

One might well conclude that there are some buyers about, given two consecutive decisive (relatively) buying sessions. Certainly the break back above 1.3650 appears contextually significant. The combination of Month end and the mini rally have thrown the Pivots into disarray and the untested DP, is our only directional pointer today. I’d be happy see DP tested and then look for the Buyers coming back in.

The Day Ahead
Its NFP week so small stakes – DCZ 1.3735 looks attractive.

High Impact News – CET

4:00pm USD ISM Manufacturing PMI

Terrific Tuesday everyone.

Geoff Pyne  

CERTIFIED TRADER

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