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01 October 2013 | Free Daily Analysis | EURUSD : BIG PROFIT ON ONLY MOVEMENT

G’day Surfers – Great start to “interesting” week.

Yesterday’s Report


The STP strategy was at it’s best yesterday, identifying the day’s only acceleration point and banking the resulting profits. A 14 pip risk produced as much as 50 pips (31 by the book) in a 79 pips range that once again failed to end the consolidation. A very nice way to begin a week in which Fundamentals may well rule.

Technical Analysis


A couple of changes from yesterday: 1) The weekend’s gap has closed 2) Price Action (PA) is above a tested Daily Pivot (DP). Oh, another small issue – the U.S. Govt is “Closed for Business”!! DP/WP remain as one, keeping PA under close observation. Pivots maintain their Bullish formation and the recently formed Double Top has not been violated, though almost tested. For these reasons, formulating a definitive bias is very difficult so I’m completely ambivalent as to direction.

The Day Ahead


With the U.S. Govt in “shutdown” mode, the puzzle is getting complex. Asia has judged the situation good for EURO and I suspect it might be contagious. I’m slightly favouring Long positions for this reason but I’m very cautious!

High Impact News – CET

3:00pm USD ISM Manufacturing PMI

Terrific Tuesday everyone,

Geoff Pyne  

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