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10 June 2013 | Free Daily Analysis | EURUSD : IS THAT A TREND BEING BORN?

Happy New Week Surfers

Yesterday’s Report

Somewhat predictably, there was no market leading up to the NFP Announcement, manic movement for a period post the news and then a wind down prior to market close. At day’s end, EUR/USD closed 26 pips lower, having tested our next Daily Critical Zone (DCZ) of 1.3285 for a second time and not taking too much gloss off the week’s strong performance.

Technical Analysis

EUR/USD appears to be enjoying the Northern Hemisphere’s warmer weather, now in territory it hasn’t occupied since February. Our pivots are optimistic, now in perfect Bullish formation and Price Action (PA) may enjoy the freedom of having created the new High. Intraday Charts are also displaying Bullish signs in the somewhat incomplete shape of a Bullish Continuation Flag #1. Is it possible that a long overdue trend is beginning?

The Day Ahead

After so many false starts, I’m not certain we are yet trending but certainly there’s a Bullish sentiment about the place. With Daily Pivot untested above PA, North is the logical direction. Experience tells me that logic and trading combine best with patience.

High Impact News

Nothing of concern.

Have a great week.

Geoff Pyne  

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