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08 April 2013 | Free Daily Analysis | EURUSD : BIG MAGNET SOUTHWARD

Happy New week Surfers.

Yesterday’s Report

After Thursday’s fireworks, the NFP announcement on Friday was almost an anti climax. Had the number not been as horrendous, I doubt we would have seen much buying OR selling action around EUR/USD. That was not the case however and 1.3030 (our ever popular Daily Critical Zone) was the Resistance that bought the almost 300 pip positive week to a close. We certainly weren’t putting our hard earned pips on the line on NFP Friday.

Technical Analysis

My Daily Chart is displaying a Triple Bottom #1 & a Double Top #2 so my first thoughts are mixed. Intraday Charts are absolutely SCREAMING at me a Short term Bearish bias as the untested Daily Pivot is inseparable from Weekly, some 40 pips below Price Action. Fuelling the Short sentiment is a clear Descending Triangle #3 whose base is currently been tested. That Hotspot may provide an opportunity to trade the anticipated pullback to Daily Pivot which has been ignored since Thursday’s eruption. Playing a false break of the Resistance Trendline #4, another.

The Day Ahead

Tough to have a bias other than Short Term Bearish as above so I will seek to get Short until DP is tested. After that – the game changes and I’ll be watching the potential re-test of the former Resistance Trendline #5 much interest.

High Impact News

Not today

Have a Marvellous Monday.

Geoff Pyne  

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