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10 OCT 2012 | Free Daily Analysis | EURUSD : CRUCIAL EXIT BANKS PIPS

G’day Surfers – if we were a little unlucky last week, the coin came down shiny side up yesterday.

Yesterday’s Report

EURO was intent on continuing it’s Southerly trek as we began our trading week with sentiment in the opposite direction. After an 83 pip crash, we spotted an A Signal and entered long, banking our first TP of 7 pips in not double quick but reasonable time. Swimming against the tide, Price Action struggled to make our 1.2962 target for some time. A short, sharp spike to 1.2960 was the only chance we needed to close for a TP1 +7 & TP2 +20. The exit proved prudent and exact as Price Action hovered in the high 1.2950’s for a short while before the Bears reeled it in dramatically, crashing EURO straight back below it’s current favourite retreat of 1.29088, to close @ 1.2884

Technical Analysis

Price Action is still above the Bullish Trendline that began with the reversal in late July. EURO is back under pressure however and begins our trading day just above serious Support @ 1.2835 which coincides with our Monthly Pivot & DS-1. A break of this level should see a brand new Low on major time frames and a return to the Bearpit. I expect the strong Support mentioned will provide enough of a barrier that Price Action rebounds to our untested Daily Pivot, where today’s direction may well be determined. Trendlines to trade are an issue and I’m relying on a (at this stage) provisional “cheeky” trendline or the bespoke longer term variety to provide me with a launch pad to Daily Pivot. The mixed nature of our Pivots reflects my overall sentiment today & I do feel it’s a 50/50 call.

The Day Ahead

If for no other reason than loyalty to my cash cow (Daily Pivot), I am seeking to find a short/sharp Long to that level. The potential for a brief continuation of this Bear run prior might just provide an opportunity as well however. What occurs at our Hotspots will determine my actions.

High Impact News

Not today

Let’s DO IT – have a good one.

Davide Franceschini | Chief Trader and Founder at SurfingThePips.com

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