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12 NOV 2012 | Free Daily Analysis | EURUSD : EURO SUPPORT SCARCE

 

Happy New Week Surfers – rest day for us.

Yesterday’s Report

To cap off a less than great week for EUR/USD, some bad Production numbers out of France and Italy didn’t help offset the predictable rise in US Consumer confidence on Friday. Despite some EURO buying through Asia session, once again London/US traders erased the gains in decisive fashion, driving the cross 100pips off the day’s high of 1.2789, before closing the day & week at 1.2709, 36 pips lower than when the day began. It being Friday – we found other pursuits to round out the week.

Technical Analysis

It’s quite difficult to find some positives for EURO…..Weekly Chart displays 3 Black Sisters – not good, Daily shows strong Resistance ahead at 1.2745, H4 sees Price Action repelled by a recent, unsuccessful attempt to break Resistance at Daily Pivot. H1 & M30 charts are looking quite “flaggish” suggesting a Southerly continuation of the fall from Friday. My final Support Trendline above “crash zone” has been broken and retested – “ouch”. Our Pivots are absolutely Bearish despite hinting “oversold” as Daily/Weekly slip 240 pips away from Monthly. Our next line of defence @ 1.2677 has “hit me” written all over it today with no reversal of this Bear trend in sight.

The Day Ahead

When it’s US Bank Holiday (as it is), STP has an extended weekend also due to expected poor liquidity and market irregularities and will keep a distant eye on proceedings. Expect a rather quiet and illiquid day and reserve your capital for the remainder of the week.

High Impact News

 

All Day EUR Eurogroup Meetings
All Day USD
Bank Holiday

Have a relaxing start to the week – we’ll get “stuck in” tomorrow!!

Davide Franceschini | Chief Trader and Founder at SurfingThePips.com
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