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06 March 2014 | Free Daily Analysis | EURUSD : TIGHT & BRUTAL

DB 0603 H4
DB 0603 M30

G’day Surfers – market taking no prisoners.

Yesterday’s Report

 

With eyes wide open, we entered the market Short yesterday, paying respect to the fact we were deep into NFP week by risking only a small stake. What followed was a buying/selling/buying/selling frenzy that left a trail of blood not dissimilar to a shark feeding frenzy. Sadly, we were also a ‘victim’ of the brutality as the life buoy of TP1 was left behind after we fell a couple of pips short. Only 39 pips separated Open & Close in a typical NFP week crawl.

Technical Analysis

 

It’s ‘moving’ day for EUR/USD as News dominates the afternoon. It’s NFP eve and traditionally, that means more crawl, until News time. With the exception of a descending Channel forming, there’s absolutely no change technically, from the last 3 days. DP is tested, Pivots are mixed and the gap to the North remains open.  I haven’t packed my weekend bag yet, but I’m pretty close to it. PA sits glued to DP and picking a direction remains impossible. We DO have nice hotspots however so nil desperandum!

The Day Ahead

Though it’s tough going, setups at hotspots will remain the focus. I can smell the weekend however!

High Impact News

1:45pm EUR Minimum Bid Rate
2:15pm USD FOMC Member Dudley Speaks

2:30pm

EUR ECB Press Conference
USD Unemployment Claims

Have a great day everyone.

Geoff Pyne  

CERTIFIED TRADER

 
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