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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 http://clip2net.com/s/5wPm5X .. 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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