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11 April 2013 | Free Daily Analysis | EURUSD : SUPPORT ENOUGH?

G’day Surfers – it’s slow going!

Yesterday’s Report

Once again Price Action did as expected by testing Daily Pivot, but not before a quick rally out of Asia Session. The buying ceased when our Daily Critical Zone #1 (DCZ) @ 1.3115 turned the market Daily Pivot bound. At no stage however did a trading opportunity present, due to the very choppy nature of the descent. The Daily Range was a tight 70 pips & provided some of the pullback the market was requesting.

Technical Analysis

The obvious question now is: “was the pullback sufficient”? Fibonacci fans will advocate a 50% bounce has occurred. My analysis notes the Support offered by the Triple Top #2 at the very same level of 1.3047 but I’m also very aware of our EVER popular DCZ #3 @ 1.3030. The overbought nature of EUR/USD has extended as our Pivots have become a little more stretched, yet Daily Pivot is again untested (albeit by only 3 pips) ABOVE Price Action! I’m sure you’re getting the Mixed Signals I’m describing so it’s trade cautiously and wait for a good setup BEFORE entry. My focus is on the Daily Chart which is calling for a re-test of our former Resistance Trendline #4. For this reason, my Short Term bias is Short but it will need to be a good signal to get me entering counter this very strong Bullish Market.

The Day Ahead

My first Support #5 Trendline¬† has been broken & therefore not as reliable as I would like so at this stage – favourite Hotspot is at the Resistance Trendline #6. I’m Pip Hungry but respectful of the Bull Market – let’s do it!

High Impact News

2:30pm USD Unemployment Claims

Have a great day.

Geoff Pyne  

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