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08 August 2013 | Free Daily Analysis | EURUSD : PIPS ON RE-TEST

G’day Surfers – Euro survived the test.

Yesterday’s Report

It’s a painful journey but EUR/USD continues to make new Hi’s and played out our Play of the Day to perfection .. We cashed in on our analysis as we played the Short which went to target. The opportunity to trade the Long came later and presented a master Candle that was a tad too big. We were happy with pips in the bank.

Technical Analysis

The Bullish Trend is now re-established and the next hurdle has arrived in the form of a Double Top #1, which  has already been tested.  Our Pivots confirm the trend, yet Daily (DP) is untested. The conclusion I draw from that information is that Price Action (PA) is set to pullback to at least DP but in my reckoning, our former Resistance Trendline #2 is the Key level today. Should we get a re-test and bounce here, Longs are the way to go – a break back below, will give the Double Top some strength.

The Day Ahead

Quite similar to yesterday, I’m keen to get Long, after a pullback to DP/Resistance Trendline.

High Impact News

2.30 pm

               USD Unemployment Claims

Thunderous Thursday all.

Geoff Pyne  

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