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07 NOV 2012 | Free Daily Analysis | EURUSD : OBAMA WIN=EURO AFLOAT

G’day Surfers – election over, now for Greece??

Yesterday’s Report

As so often happens prior to a major event – EURO was going nowhere yesterday……..and didn’t! Impossible to trade in a 60 pip range so we turned our attention to our Swing & Relax Strategy and the JPY crosses. We found a nice entry on GBP/JPY banking TP1 without effort, straight through our +30 pip (stops to Break Even point) but shortly thereafter, Northward momentum ceased and the Bears took over. In a tough day at the office, 15 pips was banked.

Technical Analysis

A fair indication of market reaction to Obama’s re-election was witnessed in Asia Session with EUR/USD surging 90 pips. I’ll be watching with interest as London gets it’s chance to register it’s impression of the overnight events in the Land of the Free & the Home of Quantitative Easing! The safety mechanisms built into the Surfing The Pips Strategy, means this rush on EURO has placed me in a position where it’s impossible for me to enter Long until substantial pullback occurs – no matter what London thinks of Bernankes……..sorry Obama’s extended tenure. My Pivots are telling me that Price Action is just about running out of tether Northward you see. With price Action already above DR-2, only Shorts are on my radar and a nice, cheeky little Intraday Trendline might just provide the Hotspot I need to snatch some quick pips if London decides that Asia has over reacted. It might have slipped under the radar but there’s a potential huge market mover if the Greek Govt actually votes today, on the Debt Crisis!!

The Day Ahead

As above, I will most certainly be a spectator, if the market looks to further highs. I can play a false break of my Intraday Trendline Short and frankly – that’s it!! That’s Plan A,B & C until Price Action pulls back considerably. So there it is, very simple really it’s Short or abort.

High Impact News

Tentative EUR Greek Gov Debt Crisis Vote
My vote is cast – Short Action please……..have a good one.
Davide Franceschini | Chief Trader and Founder at SurfingThePips.com
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