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03 June 2013 | Free Daily Analysis | EURUSD : BULLS LOOKING TO PARTY

 

Happy New Week Surfers

Yesterday’s Report

The Bulls celebrations were once again put on hold on Friday as sustained selling dragged EUR/USD back below 1.3000 before a late U.S. Session recovery put the 1.3030 Daily Critical Zone (DCZ) back in sight. As is always the case, no Friday trading for us.

Technical Analysis

It’s that ever popular DCZ where our immediate focus lies today. Of significance on Friday, was the failure of #1 Price Action to close below the former Resistance Trendline, broken on Thursday. This is a fairly Bullish signal and perhaps the Bulls can resume celebration planning?  Certainly Asia Session traders have rallied to the cause and late trading has provided an early test of the DCZ at a nice confluence level. The battle of this area should provide the day’s direction.

The Day Ahead

I must confess to being in the Bulls corner with the mixed Pivots my only real reservation. We have some good Hotspots so just need Price Action to deliver some setups.

High Impact News

4:00pm USD ISM Manufacturing PMI


Hope your day’s a Magic Monday.

Geoff Pyne  
CERTIFIED TRADER
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