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10 DEC 2012 | Free Daily Analysis | EURUSD : EURO AT STRONG SUPPORT

 

Happy New Week SurfersYesterday’s Report

Some good numbers out of the States did nothing to help EUR/USD from re-acquainting with ever popular 1.2908 on Friday. 1.2875 received a brief visit and offered strong support before Price Action spent most of the day bouncing up & down above those levels without clear direction. Needless to say, it being NFP Friday – we didn’t trade.

Technical Analysis

Price gapped down over the weekend and we begin our week with EUR/USD once again trying to crack the 1.2908 fortress. Daily Pivot was totally ignored on Friday and so far today, more of the same.

It has however crossed Weekly to the South, giving us a mixed scenario to start the second week of December. Our sentiment is short term Long however, given the untested Daily Pivot 50 odd pips to the North. A confirmed break back above 1.2908 and a nice intraday Resistance Trendline (our Hotspot #1) may well see the untested issue rectified.

The Day Ahead

Plan A will be to play a Long targeting Daily Pivot but if 1.2908 & 1.2875 fail to hold, EURO could find the rally of the past month, wiped out rather quickly.

High Impact News

 

4:00pm USD ISM Manufacturing PMI

Make yours a Magic Monday

Geoff Pyne  

CERTIFIED TRADER

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