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05 June 2013 | Free Daily Analysis | EURUSD : CALM BEFORE STORM

G’day Surfers – Choppy, choppy!

Yesterday’s Report

The market was becalmed yesterday as the majors appeared in “preparation” mode, gearing up for the end of week major news announcements, culminating in NFP on Friday. EUR/USD refused to yield much at all, yet some clever Surfers took maximum pips on our first call. We saw two opportunities to join an expected resumption of the current rally and both achieved “Free Trade” status. #1 hit target for those who took more than 8 pips of TP1 but officially, both trades closed at Break Even.

Technical Analysis

It’s taking some time for EUR/USD to recover from Monday’s 150 pips surge. Consolidation has been the name of the game since, with Price Action (PA) confined to a 60 pip range. The 3 month Hi’s  (1.3240) of last month are beckoning 135 pips away but EUR/USD is struggling to break the shackles of our 1.3115 Daily Critical Zone (DCZ). With our Pivots mixed and Daily Tested there will be no help forthcoming from the trio today. There IS an Ascending Triangle look http://clip2net.com/s/5aYaIw about Intraday Charts suggesting Long however. With a lot of the NFP Week big news coming tomorrow, I’m of the belief today will be “moving day” and I’m thinking the Bulls may have rested enough.

The Day Ahead

Without much faith in direction today, I’ll be particularly watchful at our Hotspots as we may not get much warning of a move and a strong chance that the False breakouts have a few more twists before the “real deal”. Perhaps some early selling to make way for a surge at the Hi’s above? Proceed with caution!

High Impact News – C.E.T.

2:15pm USD ADP Non-Farm Employment Change
4:00pm USD ISM Non-Manufacturing PMI

Have a great day.

Geoff Pyne  
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