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09 NOV 2012 | Free Daily Analysis | EURUSD : Another week bites the dust

G’day Surfers – another week bites the dust.

Yesterday’s Report

Another 60 pip range for EUR/USD yesterday, to wrap up a very tedious trading week (our trading week) for the cross. Take out Monday’s fall and the reaction (in both directions) to the Obama re-election and it was flat city all the way. Try as we might, the market wouldn’t play our game yesterday, after promising us a nice way to end our week. Price Action setup nicely for a Long targeting the untested Daily Pivot and after our first attempt produced a break even trade, we played a normally reliable entry, but faced betrayal from Price Action which took our stops prior to giving us profit. As the trade was counter trend we reduced our stake accordingly and suffered minimal damage. We were also looking for a Long on GBP/JPY after that cross delivered us a small profit earlier in the week. No dice on this entry which failed to trigger. So mixed results this week which will be historic for reasons other than record profits for us – what O Bummer………..(sorry – couldn’t resist it!!!)

Technical Analysis

EURO remains under pressure and I don’t see short term improvement. Continued good numbers from the States may see EUR/USD begin the new week begin in the 1.26ers.

The Day Ahead

After a tough week “at the office” I can absolutely see a couple of beers on the agenda this evening, nice rest and a whole weekend ahead. Trust you find some time to enjoy yours and we’ll do it all again next week.
I guess the week belonged to Obama but I can’t help but find some irony in this quote:
‘Please excuse the appearance of this place. Two days ago, it was under two feet of water.’

A polling station worker in New Jersey apologises to voters for its late opening. The city was hard-hit by Superstorm Sandy last week.

I wonder how far “under water” the US Economy will be – come next election………mmmmmmmmmmmmmm.
Davide Franceschini | Chief Trader and Founder at SurfingThePips.com
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