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05 November 2014 | Free Forex Analysis | EURUSD : DCZ HOLDS FOR NEW RECORD

DB 0511 H4
DB 0511 M30

G’Day Surfers – poor start to week.

Yesterday’s Report

I will need to consult our records but I don’t recall ever having to report a third consecutive loss before, but there’s a first time for everything and the market is boss. Our poor start to the week continued yesterday as we again ‘lucked out’, missing TP1 by less than a pip. DCZ 1.2510 held the Bears at bay with PA continuing to fill the Flag which is now a little bigger.

Technical Analysis

 

Yesterday’s 65 pip rally has closed the gap between DP & WP, though the Bearish formation remains intact. My Bearish bias remains with it but I can see some room above the cross.  DP has received a recent test so we are free to trade in either direction given the higher Hi’s & Lo’s enabling counter (the overall Bearish) trend trading. It is NFP week so consolidation is also a huge consideration and we have seen London Session doing just that, so far this week.

The Day Ahead

 

Quite hungry for pips and respectful of expected NFP week consolidation, Tight TP1’s and exits are recommended. Still favouring Shorts but very open to PA’s lead.

High Impact News – CET

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

 

Wishing you a Wonderful Wednesday

Geoff Pyne  

CERTIFIED TRADER

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