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06 Mar 2013 | Free Daily Analysis | EURUSD : THE TORTOISE GETS MORE PIPS

G’day Surfers – it’s a hard slog, but there’s pips in progress.

Yesterday’s Report

EUR/USD refuses to run and continues to bounce off nearby Support or Resistance.  Such was the case again yesterday as a promising break of our consolidation rectangle lasted only as far as
DR2. That would normally be a good thing but because we were Free Trading on Swing & Relax, and the Pivots were close together, some more free running would have been appreciated. As it was, more pips in the bank after TP1 so no problems for us. With the market in it’s current mood, our Swing & Relax strategy is seeing most of the action and we are currently Free Trading EUR/JPY Long, ready to bank some more pips.

Technical Analysis

The power of Daily Pivot was on full display again yesterday, pulling Price Action back to it, just when EURO started getting buyers interested. Today, it has already been tested so will not command as much attention.  I do feel our Resistance Trendline #1 will however and may well prove the Hotspot of the Day. The question of Reversal or Retracement lingers still, with no clear sign of an answer. Perhaps the best sign is a continuation Flag #2 forming on intraday charts. It has my attention and with our Pivots still Bearish – I have a preference for Short Action today.

The Day Ahead

With that scenario in mind I have two clear Hotspots to find an entry. With Price trying to escape the top side of our Hotspot Trendlines, perhaps a false breakout is the preferred option. We also need to be mindful that it’s NFP Week (more on that in today’s webinar STP FREE DAILY WEBINAR ) and how that makes us automatically reduce our risk exposure.

High Impact News

2:15pm USD ADP Non-Farm Employment Change

Wonderful wednesday all.

Geoff Pyne  

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