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10 October 2013 | Free Daily Analysis | EURUSD : EURO SLIDES TO 1.3500

G’day Surfers – No way onto slippery slide.

Yesterday’s Report

EUR/USD began travelling South during Asia Session and continued unabated through London & New York Sessions, leaving us without a trading opportunity. At day’s end, the cross had lost 48 pips in a 120 pip range.

Technical Analysis

 

Finally a change has occurred with yesterday’s selling. An untested Daily Pivot (DP) has crossed  below Weekly, violating the Bullish setup.  My Short Term bias remains Long however, in deference to the DP’s magnetic attraction to Price Action (PA). With no real Support under PA, it may be a case of Long before Short however, with the 1.3460/50 area, a likely Target/ bounce point as is our former Resistance Trendline which is still not re-tested.

The Day Ahead

 

Uncertainty remains but the untested DP is foremost in my calculations so looking for a Long to there, my main focus. PA will hopefully guide me from that point but Short is my preference.

High Impact News

2:30pm

USD Unemployment Claims

Have a great day everyone.

Geoff Pyne  
CERTIFIED TRADER

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