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03 March 2014 | Free Daily Analysis | EURUSD : OPPOSING MAGNETS

DB 0303 H4
DB 0303 M30

Happy New Month & Week Surfers.

Yesterday’s Report

 

EUR/USD ‘took off’ again on Friday, shooting straight from one DCZ 1.3700 to another 1.3815, thereby completing the 4th consecutive positive week for the cross. PA came agonisingly close to testing our long term Resistance Trendline that began it’s career as the high that preceded the Global Financial Crisis crash.

Technical Analysis

 

The market gapped down substantially over the weekend and we begin our week with price magnets pulling in both directions. Daily Pivot is ‘welded’ to Weekly, creating a vortex Short. The open gap is the opposing force and makes for an interesting contest between the Bulls & Bears today. I’m a big fan of the DP/WP’s magnetic force when in tandem and not so enamoured with trading gaps so my short term bias is clear. Though DP was tested in the first 5 mins of the trading week – I’m not sure that will be an adequate examination!

The Day Ahead

 

Its Monday in NFP Week and there’s an interesting situation unfolding with Russia/Ukraine so anything is possible but a crawling market is what I expect. I fancy a cheeky Short to the DP/WP combo should it present, as Plan A – Hotspots are scarce however.

High Impact News – CET

All Day ALL G7 Meetings
3:00pm EUR ECB President Draghi Speaks
4:00pm USD ISM Manufacturing PMI

Magic Monday all.

Geoff Pyne  

CERTIFIED TRADER

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