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09 July 2014 | Free Forex Analysis | EURUSD : BREAKOUT DAY

DB 0907 H4
DB 0907 M30

G’day Surfers – something’s gotta give!

Yesterday’s Report

 

You don’t need me to tell you that there was yet again, NO MARKET for EUR/USD yesterday. A solo 20 pip M30 candle was the major component of yet another dismal 29 range. We saw the ‘acceleration point’ but our Long order expired, prior to entry. The ‘crawling’ M30 trade from Monday, finally closed at Break Even.

Technical Analysis

 

Pivots remain Bearish and DP lies in wait, untested below PA. This makes my Short Term bias well, Short. It’s FOMC Statement day however and the consolidation is likely to continue, until the News. Given that stranger things have happened, I’ll be ready to pounce should the Short setup. A combined WP/MP could well provide the resistance needed to ‘thrust’ PA South and the ‘Flaggish’  #1 look won’t hurt either.

The Day Ahead

 

FOMC is the focal point but there’s an untested DP to deal with, prior to that. Plan A is to DEAL with it.

High Impact News

8:00pm USD FOMC Meeting Minutes
8:30pm EUR ECB President Draghi Speaks

 

 
Wonderful Wednesday all.
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