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10 April 2013 | Free Daily Analysis | EURUSD : ARTISTIC REVERSAL RALLY

G’day Surfers – Symmetry, you’ve got to love it.

Yesterday’s Report

The See Saw nature of Price Action made pip catching a difficult proposition yesterday, as EUR/USD once again played out our Daily Brief . We found potential to trade both Short & Long but our signals were a little out of sync with Price Action with only the Long triggering. We received the acceleration we were after and were Free Trading in seconds. Sellers weren’t quite ready to yield sufficient ground for our second take profit however and we closed out at Break Even.

Technical Analysis

Daily Pivot lies untested just below the market which is showing signs of being overbought (discover why in today’s FREE TRADING ROOM ). Both good reasons to expect a pullback before the current rally continues. The trend and Pivots are clearly Bullish however which makes trading quite risky in either direction. Price Action is tracking beautifully since the Triple Bottom reversal with each rally resting at previous Resistance, creating art like symmetry. Just below latest Resistance is where we begin this Wednesday, looking for a decent retracement.

The Day Ahead

It’s a case of NLNS (NO Long, No Short) right now, with some patience required. I don’t see a case for entering Short for quite some time but if a decent pullback should occur, I’ll be looking to enter Long.

High Impact News – CET

8:00pm USD FOMC Meeting Minutes

Wishing you a Wonderful “Waiting” Wednesday

Geoff Pyne  

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