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05 June 2014 | Free Forex Analysis | EURUSD : ALL ABOUT THE ECB

DB 0506 H4

DB 0506 M30

G’day Surfers – it’s Breakout Day!

Yesterday’s Report

 

Not that I was expecting PA to stray too far from DP/WP combo but the small (42 pip) range the day produced, was full of volatility. The market looked in need of a sedative at one stage with PA bouncing around like a cork in the surf. We spotted a nice place to catch the Northbound acceleration and did exactly that. TP1 was effortless but the swell gave way quickly and market indecision prevented us hitting our target. Break Even the end result.

Technical Analysis

 

EUR/USD should be in a different place after today’s Interest rate announcement (tipped to be a reduction) and I expect we’ll see little action until just prior to that release. Pivots remain Bearish and DP tested but it’s all about Fundamentals today. Aim is to be Free Trading or money banked before the real action begins this afternoon so eagle eyes, early on.

The Day Ahead

 

Hotspots lie in wait but inside the range again looks best until later on.

High Impact News – CET

Day 2 ALL G7 Meetings
1:45pm EUR Minimum Bid Rate
2:30pm
EUR ECB Press Conference
USD Unemployment Claims

Enjoy the ride

Geoff Pyne  

CERTIFIED TRADER

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