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12 May 2014 | Free Forex Analysis | EURUSD : NO, NO TO 1.4000

DB 1205 H4
DP 1205 M30

Happy New Week Surfers

Yesterday’s Report

Thursday’s spilling of blood attracted EUR/USD predators who thrashed the waters on Friday. The carnage resulting in the cross shedding a further 99 pips and sending a resounding message to the market that 1.4000 is, for now, unacceptable and ensuring the month long range is now broken – but confusingly, in both directions.

Technical Analysis

 

The feeding frenzy has stripped bare our charts and only skeletal remnants are available for our analysis. The Pivotal backbone remains intact, with Daily/Weekly Pivots huddled together and untested well above PA. That scenario considered, there really is only one Short Term consideration – PULLBACK. Not much to play with Hotspot wise so PA needs to rebuild here for a bit.

The Day Ahead

 

Only pullback is on my radar and therefore Longs against the strong tide. Small stakes then, until some equilibrium returns (a DP Test).

High Impact News

 

Not today

Have a great start to the week.

Geoff Pyne  

CERTIFIED TRADER

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