Happy New week Surfers

The NFP numbers produced some erratic behaviour as EUR/USD firstly shed 70 plus pips before recovering 100 odd, finding Resistance at the convergence of our Long Term Resistance Trendline and much longer term Daily Critical Zone at Psychological 1.3700 level. Technically beautiful when you consider the week began at our immediately lower Daily Critical Zone at 1,3450.

Finally we are seeing some pullback with the Bulls failing to sustain buying above 1.3700. Next question of course: Has the run finished……..or is this the retracement we have demanded? Before I could call it a Reversal, I need some candles telling me that. Conversely, before I call it a retracement – I need to see some Support level tested/rejected. Price Action is right now testing a steep Support Trendline. I,m not convinced this is a tradeable area however, due to it’s acuteness of angle. Still impossible to Short the cross yet UNTIL the Reversal signs are clear. Our Pivots are still Bullish of course and I’m favouring some deeper pullback to my much lower Support Trendline but it’s a long way from Price Action.

With the above scenario – it will be difficult for me to find an entry today UNLESS – Price Action re-tests the once broken Resistance Trendline & gives me a signal to Buy. In what I consider to be a still overbought situation, I will be trading it small however.

9:00am

EUR

Spanish Unemployment Change

May your Monday be Magic.

Geoff Pyne  

CERTIFIED TRADER

Happy New week Surfers

 Yesterday’s Report

The NFP numbers produced some erratic behaviour as EUR/USD firstly shed 70 plus pips before recovering 100 odd, finding Resistance at the convergence of our Long Term Resistance Trendline and much longer term Daily Critical Zone at Psychological 1.3700 level. Technically beautiful when you consider the week began at our immediately lower Daily Critical Zone at 1,3450.

Finally we are seeing some pullback with the Bulls failing to sustain buying above 1.3700. Next question of course: Has the run finished……..or is this the retracement we have demanded? Before I could call it a Reversal, I need some candles telling me that. Conversely, before I call it a retracement – I need to see some Support level tested/rejected. Price Action is right now testing a steep Support Trendline. I,m not convinced this is a tradeable area however, due to it’s acuteness of angle. Still impossible to Short the cross yet UNTIL the Reversal signs are clear. Our Pivots are still Bullish of course and I’m favouring some deeper pullback to my much lower Support Trendline but it’s a long way from Price Action.

With the above scenario – it will be difficult for me to find an entry today UNLESS – Price Action re-tests the once broken Resistance Trendline & gives me a signal to Buy. In what I consider to be a still overbought situation, I will be trading it small however.

9:00am

EUR

Spanish Unemployment Change

May your Monday be Magic.

Geoff Pyne  

CERTIFIED TRADER