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05 SEP 2012 | Free Daily Analysis | EURUSD : SILENT SELL OFF – MMMM?

G’day Surfers – how’s NFP week treating you?

Yesterday’s Report

Our Play of the Day saw it coming and as if following a script, Price Action once again rejected our Bearish Channel upper limit, bouncing straight down to Weekly Pivot, where it spent the night. Without an invitation to join the movement, we found “no entry” signs littering the charts. Amidst the early noise, Price Action did present a couple of weak entry signals. Both  were for Longs on different charts, which of course were as useful as an ashtray on a motorbike. After a good night’s rest, the Bears piled on more pressure in the post US – Pre Asia period earlier today and EUR/USD reached today’s 1st Support Level (DS-1), before Asian traders went to work. I’m not going to buy into the cause of this movement but the timing is interesting?? At the end of the day, EURO has devalued around 100 pips vs USD since this time yesterday.

Technical Analysis

As always, when I seek confirmation of a reversal, I look to H4 Chart. It’s displaying a decent double top and a lower high but not a lower low. Price Action is still above my most reliable Intraday Trendline and of course those of longer terms. Pivots remain Bullish and Daily is untested 45 pips to the North. So it’s a bit of a mixture as we go into the 24 hour period prior to the big news announcements of the week.

The Day Ahead

I confess to being a little suspicious about the Pre-Asia sell off and have a slightly Bullish bias today. Cognisant of the proximity to tomorrow and Fridays news events however, I will be a cautious trader needing AAA setups to enter in either direction. I have both good Support & Resistance Intraday Trendlines so if price Action pays either a visit – our strategy will take over from there.

High Impact News

One more sleep!

Enjoy your day,

Geoff Pyne | Certified SurfingThePips.com Trader
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