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05 FEB 2013 | Free Daily Analysis | EURUSD : PULLBACK AT SUPPORT?05 FEB 2013 | Free Daily Analysis | EURUSD : PULLBACK AT SUPPORT?

05 FEB 2013 | Free Daily Analysis | EURUSD : PULLBACK AT SUPPORT?05 FEB 2013 | Free Daily Analysis | EURUSD : PULLBACK AT SUPPORT? -->


G’day Surfers – “ask & ye shall receive”.

Yesterday’s Report

I was asking Price Action to retrace to my preferred Support Trendline: mission is accomplished. I was looking for a re-test of this substantial Support Trendline, prior to looking for a Long entry. A less reliable Trendline provided an opportunity to catch a premature continuation so we placed a small Long order but Price Action, as expected, required deeper pullback and ignored our entry level entirely. Nice to see EUR/USD moving 150 pips in the day – may it continue.

Technical Analysis

In truth I would prefer that Price Action continued this pullback to re-test the Resistance Trendline broken 6 trading days ago but I now have options. With Daily Pivot crossing below Weekly, the situation is mixed, meaning I’m free to catch a Long OR Short, should the opportunity arise. Having said that, the overall trend is still extremely Bullish so Longs are preferred, especially with an untested Daily Pivot 85 pips above Price Action which is currently re-testing the recently broken 12 month High of 1.3485 – might be good confluence with our Support Trendline. Two thirds of a Head & Shoulders has developed on H4 & D1……..consolidation at this level may well complete the pattern??
The Day Ahead

Without question I’m looking to get Long off this pullback. As the bespoke Support Trendline has now been tested, the question I DO need answered is: – Pullback complete or are we headed to the old resistance Trendline? I’m hopeful that Price Action will answer, when it reacts off the only¬†Hotspot I have – current level!
High Impact News

4:00pm USD ISM Non-Manufacturing PMI
Tip Top Tuesday everyone.

Geoff Pyne

CERTIFIED TRADER


G’day Surfers – “ask & ye shall receive”.

Yesterday’s Report

I was asking Price Action to retrace to my preferred Support Trendline: mission is accomplished. I was looking for a re-test of this substantial Support Trendline, prior to looking for a Long entry. A less reliable Trendline provided an opportunity to catch a premature continuation so we placed a small Long order but Price Action, as expected, required deeper pullback and ignored our entry level entirely. Nice to see EUR/USD moving 150 pips in the day – may it continue.

Technical Analysis

In truth I would prefer that Price Action continued this pullback to re-test the Resistance Trendline broken 6 trading days ago but I now have options. With Daily Pivot crossing below Weekly, the situation is mixed, meaning I’m free to catch a Long OR Short, should the opportunity arise. Having said that, the overall trend is still extremely Bullish so Longs are preferred, especially with an untested Daily Pivot 85 pips above Price Action which is currently re-testing the recently broken 12 month High of 1.3485 – might be good confluence with our Support Trendline. Two thirds of a Head & Shoulders has developed on H4 & D1……..consolidation at this level may well complete the pattern??
The Day Ahead

Without question I’m looking to get Long off this pullback. As the bespoke Support Trendline has now been tested, the question I DO need answered is: – Pullback complete or are we headed to the old resistance Trendline? I’m hopeful that Price Action will answer, when it reacts off the only¬†Hotspot I have – current level!
High Impact News

4:00pm USD ISM Non-Manufacturing PMI
Tip Top Tuesday everyone.

Geoff Pyne

CERTIFIED TRADER

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