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07 August 2013 | Free Daily Analysis | EURUSD : BROKEN..RE-TEST NEXT

G’day Surfers – it took news but 1.3285 has been broken – just!

Yesterday’s Report

A surprising market reaction to pretty good US data initiated the break above 1.3285 (finally) but you would have to say, unconvincingly. We were looking for some pullback to a support Trendline prior to the Long and found a decent setup. The order failed to trigger, as Weekly Pivot provided the Support, above our Trendline.

Technical Analysis

The big question now of course is can EUR/USD maintain the Bullish momentum. I would expect a re-test of our 1.3285 DCZ might provide the immediate term answer to that one. Pivots are now Bullish, as Daily crosses Weekly and there’s a positive look about the cross. Bulls would be eyeing 1.3344 (last week’s high) as today’s level of interest and a break above there should see some spirited buying. Back below 1.3285 of course, the Bears will smell ‘blood”. An interesting feature of my charts today is the amount of “provisional” Trendlines #1 – we’ll watch them closely.

The Day Ahead

I would like to see 1.3285 & therefore DP tested before looking for Long entries. Very much aware of the significance of a break back below 1.3285, Shorts are NOT off the table however.

High Impact News – C.E.T.

Not today.

Wishing you a Wonderful Wednesday.

Geoff Pyne  

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