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03 November 2014 | Free Forex Analysis | EURUSD : EUR/USD ROUT CONTINUES

DB 0311 M30
DB 0311H4

Happy New Week Surfers.

Yesterday’s Report

 

The 1.2500 psychological level and 1.2510 DCZ were enough Support to stop the 300 pip week long fall on Friday despite a further 88 pips being conceded. DP was passed through and the session was yet another bounty for the Bears.

Tehcnical Analysis

 

1.2500/1.2510 becomes the new line in the sand and the market gapped below those levels over the weekend. EUR/USD remains under extreme pressure and it remains very difficult to be anything but Bearish. The open gap and an untested DP might give intraday traders a short term target, making it a little uncomfortable to enter Short but it is still the overwhelming bias.

The Day Ahead

I’m always up for a DP test trade should one setup but momentum may well be too strong, even for that today. Never say never but I’m thinking Short.

High Impact News – CET

 

4:00pm USD ISM Manufacturing PMI

Magic Monday everyone.

Geoff Pyne  

CERTIFIED TRADER

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