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09 April 2013 | Free Daily Analysis | EURUSD : MAGNET TURNED OFF = NEW HIGH

G’day Surfers – ready for ACTION?

Yesterday’s Report

Despite Daily & Weekly Pivot being locked together, EUR/USD was content to ebb & flow yesterday rather than succumb to the magnetic attraction the duo provide. We spotted only one opportunity to enter, attempting to play the Short to Daily/Weekly Pivot but despite a brief approach to our entry, our order was not triggered.

Technical Analysis

Price Action has today broken its first real resistance level since bouncing off the Triple Bottom we flagged yesterday. Our ever popular Daily Critical Zone @ 1.3030 was first to go and is now being re-tested. Quite significantly also, a Higher Hi than the March 25th, 1.3047 level (the highest since the Cyprus debacle unfolded). If 1.3030 holds as Support, we can expect further rallies. I’m a little Bullish in bias then, as are our Pivots. The issue of Daily remaining untested since Thursday is a HUGE issue however. The battle around 1.3030 and
our six week old Resistance Trendline #1 should prove the key level today and will show us direction.

The Day Ahead

Despite my Bullish sentiment, I would very much like to see Daily Pivot tested BEFORE looking for a Long entry. Both Intraday Resistance #2 & Support Trendlines #3 are close to Price Action and may well provide us an opportunity to trade in both directions until DP is tested.  Good setups at Hotspots will be VERY important to get it right. Short then Long is today’s Plan A.

High Impact News

Nothing again today

Have a Terrific Tuesday

Geoff Pyne  

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