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06 August 2014 | Free Forex Analysis | EURUSD : NO WAY INTO BEAR PIT

DB 0608 M30
DB 0608 Weekly

G’day Surfers – size again the issue.

Yesterday’s Report

As expected, EUR/USD shook off the NFP hangover yesterday and resumed the Bearish momentum that has dominated for the past 3 months. A Bonsai version of a Secret Surfing The Pips Candle Pattern was the only warning PA gave, before the 67 pip sell off. The miniature status of the pattern prevented us entering.

Technical Analysis

 

An untested DP above PA gives Buyers some encouragement today but really, Short is the Sport. DCZ 1.3340 fast approaches and if that fails to hold, another 200 pips should entice sellers to the next crucial Support level. As a result of yesterday’s selling, Pivots have resumed their Bearish formation. I’ll watch for a potential bounce off 1.3340 back to DP but everything else point South.

The Day Ahead

The above setup will need to be a good one, if I’m to consider a Long here. Stranger things have happened!

High Impact News
2:30pm USD Trade Balance


Wishing you a Wonderful Wednesday
Geoff Pyne  

CERTIFIED TRADER

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