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12 August 2013 | Free Daily Analysis | EURUSD : PIVOTAL DAY FOR EUR/USD

Happy New Week SurfersYesterday’s Report

Friday was pullback day as Price Action bounced beautifully off our Long term Resistance Trendline #1 & back toward the topside of our Medium term former Resistance Trendline #2. The week closed a modest 65 pips higher than it began, having conquered some decent along the way.

Technical Analysis

More Resistance ahead for EUR/USD this week, the first as mentioned #1 above, then the 6 month High @ 1.3415. Both of course, depend on the nice confluence¬† #2 of former Resistance Trendline and Daily Critical Zone 1.3285 holding as Support. This appears the Key level of the day. Pivots are Bullish and Daily lies untested above Price Action. Very tough to be bearish under those circumstances and I’m NOT.

The Day Ahead

Looking for Longs and a bounce off the confluence area looks to be the ideal place. A false break of either Support Trendline appears to be the best opportunities at this stage, to catch the pips.

High Impact News

Not today.

Magic Monday everyone.

Geoff Pyne  

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