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11 August 2014 | Free Forex Analysis | EURUSD : FRIDAY FRENZY

DB 1108 H4
DB 1108 M30

Happy New Week Surfers.

Yesterday’s Report

Some EUR/USD buying on Friday had the cross back above 1.3400 at the end of a week that saw a small recovery, just when the chasm below was about to open. It was the biggest day of the week range wise at 99 pips – now THAT’s more like it!

Technical Analysis

 

The new week begins with DP & WP once again glued together and entertaining PA. There’s an obvious Double Bottom #1 on our 1.3340 DCZ and a nice recent test of DP might just be a decent place for a Long bounce. That scenario is counter trend of course but maybe the cross is due some pullback. I’m not convinced either way and will let PA show as the day/week progresses.

The Day Ahead

 

I’m a little Bullish while PA stays above DP/WP and our H4 Resistance Trendline #2. Hotspots are a little light on however, so we might need some patience.

High Impact News – CET

 

Not today

Magic Monday everyone

Geoff Pyne  

CERTIFIED TRADER

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