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11 December 2013 | Free Daily Analysis | EURUSD : ANOTHER HIGH BUT LITTLE GAINED

G’day Surfers – Is it Christmas already?

Yesterday’s Report

EUR/USD edged to within 40 pips of the 2013 high yesterday but lack of buying energy, prevented the test taking place. Nor did the Bears seize the opportunity to test Daily Pivot (DP) for the second day running. In fact, it was another lacklustre market that is showing signs the Holiday Season is almost here. We spotted the opportunity to play the day’s only move but our Long order expired prior to the mini rally. No entries again.

Technical Analysis

By default, DP has now been tested and it still sits atop a Bullish Pivot formation. Just like the last month, EUR/USD shows no sign of reversing and the slow but relentless push higher looks set to continue. With only six M30 candles this week having a range of 15 pips or better – opportunities are VERY limited. Perhaps today that all changes and our Hotspots can find some acceleration?

The Day Ahead

Again it’s tough to think Short so Plan A is to find a Long entry. At this stage, two Support Trendlines as Hotspots mean we’re looking for a false breakout Short – OK, works for me.

High impact News

All quiet.

Wonderful Wednesday all.

Geoff Pyne  
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