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01 October 2014 | Free Forex Analysis | EURUSD : RADAR ADJUSTMENT REQUIRED

DB 0110 M30
DB 0110 Monthly

G’day Surfers – they got another sniff.

Yesterday’s Report

 

Diametrically opposed to my analysis yesterday, EUR/USD crashed again, hitting mid 1.25’s before recovering slightly to close above the psychological 1.2600 level. It being NFP week and the last day of an over extended Month, I was expecting consolidation but that was put to bed even before our day began as the landslide regained momentum. It doesn’t take much to get sellers interested at present! The early move made trading our strategy impossible for the day and our trading hopes rested with the EUR/JPY S&R Trade. The early Euro sell off allowed us to bank TP1 and then move our stops to entry but the recoil was too strong and the second half closed at BE

Technical Analysis

 

Well, its hump day of NFP week and experience tells me that EUR/USD will consolidate in a tight range until Friday’s announcement. What I witnessed yesterday and considering the Bear’s are revelling in the ‘kill’, I’m not sure their appetites are sated. One thing’s for sure – I won’t be trading Short into yesterday’s Low, without TP1 in the bank.Reversal? – not on my charts!

The Day Ahead

Happy to trade Short with the proviso above but unless some reversal sign arrives, trading Long is bordering on insanity! Is that a Higher Lo I see??

High Impact News – CET
2:15pm USD ADP Non-Farm Employment Change
4:00pm USD ISM Manufacturing PMI

Have a Wonderful Wednesday

Geoff Pyne  

CERTIFIED TRADER

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