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12 Mar 2013 | Free Daily Analysis | EURUSD : PIPS ON RETURN SERVE

G’day Surfers – almost the perfect plan & execution as Long targets hit.

Yesterday’s Report

We saw the opportunity to play the Daily Brief to the letter and entered Short. This was apparently a signal for the market to slow to a crawl and after some painstaking waiting, TP1 was achieved. The very candle that gave us our first take profit, also delivered a secret Surfing The Pips Candle Pattern to place a Long order. This order triggered as the market sprang to life and broke the consolidation to deliver us both targets and a Break Even result on the Short.  From EUR/USD’s perspective – a nice response to NFP inspired sell off.

Technical Analysis

The Daily/Weekly Pivot combo was too magnetic for Price Action yesterday (as is normal) and we are faced with the unusual situation where Daily has crossed Weekly to the Short side, despite yesterday’s 60 pip rally. There’s the hint of a Bearish continuation Flag #1 agreeing with the once again, Bearish Pivot formation. Our very popular Daily Critical Zone #2 at 1.3033 is once again providing Resistance. The flip side of that argument is a second Continuation Flag #3 – this one Bullish on smaller time frames. So my bias today is about 50.5%/49.5% in favour of the Bulls.

The Day Ahead

Whilst a little Bullish – it’s without much conviction given the Pivot formation & other factors above. Thankfully, I don’t trade my sentiment so I’m free to react to what Price Action delivers at a Hotspot.

High Impact News

Again nothing today

Trust Tuesday Turns Trumps for you.

Geoff Pyne  

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