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01 May 2013 | Free Daily Analysis | EURUSD : DOOR OPENS/PIPS FLOW


 

G’day Surfers – Knock three times & door opens!

Yesterday’s Report

The day could have played out a little better for us yesterday – but not by much! Price Action (PA) followed our script (Daily Brief) almost to the letter http://clip2net.com/s/5097NH , save for a slightly premature “launch”. A timely Surfing The Pips Secret Candle Pattern ensured we weren’t left behind however and we entered the Long move from it’s origin and both targets were hit without effort.

Technical Analysis

With the range broken by a sizeable move, a new consolidation pattern has formed. Now in a classic Pennant formation, probability suggests another Long breakout today. With most of Europe celebrating Labour Day however, volume may not be sufficient to drive it too far. Daily Pivot sits untested below PA, so I suspect that breakout might be Short and potentially, short lived. To the melting pot, we need to add the Fed Statement later today, preceded by two other High Impact statements from the US.

The Day Ahead

It’s with fairly low expectations that I approach the market this first day of May, given the above scenario. With two obvious Hotspots and conflicting signals – it could be interesting, if it isn’t totally boring. See you in Today’s Live Trading Room
High Impact News – CET
2:15pm USD ADP Non-Farm Employment Change
4:00pm USD ISM Manufacturing PMI
USD FOMC Statement

 Enjoy the day everyone

Geoff Pyne  
CERTIFIED TRADER

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