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02 July 2013 | Free Daily Analysis | EURUSD : NO DIRECTION ON SEE SAW

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Yesterday’s Report

An imperfect setup Long heralded the London Open of the new week but with an untested Daily Pivot (DP) dead ahead, I opted for safety and stayed flat. It turned out the wrong decision as Price Action made its way to Weekly Pivot and barely beyond before the “return serve” came and PA was sent back beyond the “base line”. Another rally during NY Session achieved the devilish day’s High of 1.3666. A second opportunity failed to emerge.

Technical Analysis

You’d swear I were being paid to say that EUR/USD is once again in the 1.3030/1.3115 Daily Critical Zone range, so often have I made that statement. Yes as pre-empted yesterday, 1.3030 DCZ provided the Support necessary for PA to bounce back into the ever popular consolidation area. Really, nothing has changed apart from that, with Pivots remaining Bearish, DP/WP have closed ranks to be locked together and the Double Bottom still exists. DP is untested just below PA and EUR/USD remains without clear direction.

The Day Ahead

Clear Hotspots at Support & Resistance give us good opportunities to bank some pips and we have that today. Again I’m without bias and will wait for PA to lead the way. With lots of US news tomorrow, interest rate announcement on 4th July Thursday, and NFP Friday we may not have seen the last of the See Saw.

High Impact News

Come back tomorrow!

Don’t forget to register for the 2013 2nd half webinars REGISTER HERE – I’ll see you in the room.

Geoff Pyne  

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