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02 May 2013 | Free Daily Analysis | EURUSD : ANALYSIS 100% ENTRIES 0

G’day Surfers – How did we miss?

Yesterday’s Report

Sometimes the Crystal Ball can be in sharp focus and the market simply won’t yield a pip. For me, yesterday was such a day as Price Action (PA) followed my template as though tracing it http://clip2net.com/s/50oXQo . Yet apart from an imperfect setup prior to London Session (our trading hours) EUR/USD refused to offer us safe entry. It happens – there’ll be more moves today.

Technical Analysis

Situation is a little tricky with Daily Pivot untested above Price Action (PA), Mixed Pivots and therefore no clear trend and a substantial gap, between Daily & Weekly Pivot. A continuation Flag exists on smaller time frames but it has a longish consolidation “tail”. PA appears NOT to have been comfortable above our long term Resistance Trendline #1 which has done it’s job again, so far. It’s a mixed scenario then but I feel the Bulls may have a little more energy left.

The Day Ahead

With loads of High Impact News today, it will be interesting to see how the market moves. Some early action may lead to a calm before the Interest rate storm later in the day. With PA working our Support Hotspot for the last few hours, we might find early action.

High Impact News – CET

9:15am EUR Spanish Manufacturing PMI
1:45pm EUR Minimum Bid Rate
2:30pm EUR ECB Press Conference
USD Trade Balance
USD Unemployment Claims


Enjoy the fireworks later on

Geoff Pyne  

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