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04 June 2013 | Free Daily Analysis | EURUSD : ANALYSIS…100%, OPPORTUNITY…0

G’day Surfers – they wouldn’t let us in!!

Yesterday’s Report

Almost as if following our script, Price Action (PA) swooped on Daily Pivot (Weekly as well) for a second time yesterday, before bursting back above our 1.3030 Daily Critical Zone (DCZ). The re-test of our former Resistance Trendline acted exactly as we suspected http://clip2net.com/s/5aAnaD but sadly, no setup presented itself so we were spectators for the day.

Technical Analysis

A Bullish Continuation Flag #1 appears under construction on smaller time frames and a test of Daily Pivot would complete the formation nicely. With Monthly sandwiched between Daily & Weekly Pivots, their direction is uncertain. The higher Hi’s & Lo’s on Daily & smaller time frames is compelling evidence that there’s some upside remaining for EUR/USD but the cross remains in a long term Range http://clip2net.com/s/5aAzSh

The Day Ahead

As I would expect a DP test, I’ll look for the above Flag scenario to unfold and then a setup Long.

High Impact News

2:30pm USD Trade Balance

Terrific Tuesday everyone.

Geoff Pyne  

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