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05 Mar 2013 | Free Daily Analysis | EURUSD : FREE TRADING IN SLOW MOTION

G’day Surfers – EURO turns under 50!

Yesterday’s Report

What a dreadful day for trading yesterday delivered. Forty nine pips of range says it all: – IMPOSSIBLE to make pips! We spotted a nice setup for a potential Long entry but the market lacked the energy to approach, much less accelerate through our entry. With intraday impossible to trade, our attention moved to our Swing & Relax Strategy where virtually the same entry level finally produced the Trendline break we were seeking and we are now Free Trading with our first profit in the bank.

Technical Analysis

There’s certainly the hint of a base forming on EUR/USD with more than a hint of an inverted Head & Shoulders (H4). Price Action is attempting to re-emerge above our Daily Critical Zone #1 at 1.3033. Further, higher lows are becoming evident on intraday charts and Price Action has broken 2 Resistance Trendlines #2 & #3. Daily Pivot is untested today and would prove a nice Support level for Price Action, should the test occur. These all signs of a POTENTIAL reversal and the key level today appears to be 1.3041 – the high of Friday’s retracement and the upper side of the rectangular consolidation range. A re-test of Resistance Trendline #3 and a break of 1.3041 will see the potential reversal well under way.

The Day Ahead

Whilst all the above is true – we must not forget the strong Bearish trend the Pivots are reminding us, is still in place. A failure at breaking the bespoke 1.3041 level and a return to the bottom of the rectangle, will keep my sentiment with the Bears. So a little mixed but with options.

High Impact News

4:00pm USD ISM Non-Manufacturing PMI

Tip Top Tuesday Trading everyone.

Geoff Pyne  

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