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13 August 2013 | Free Daily Analysis | EURUSD : +130 PIPS ON EURO SIDESTEP

G’day Surfers – Swing to Cable proves a winner.

Yesterday’s Report

EUR/USD continued its retracement for much of yesterday, prior to finding support at our Key Level of Daily Critical Zone 1.3285. We expected the pullback and were looking for a bounce here. On the back of a favourite Surfing The Pips setup, we placed a Long order which timed out, prior to entry. Price Action was very choppy thereafter and no entries considered. Our Swing & Relax Strategy found a nice Long setup on GBP/JPY which triggered and has so far delivered + 130 pips.

Technical Analysis

As a result of Friday and yesterday’s selling of EUR/USD, Daily Pivot has ducked below Weekly, providing us with a mixed scenario today. The appearance of an Ascending Triangle http://clip2net.com/s/5ywSFG is good news for Bulls fans as is the apparent reluctance for PA to remain below our 1.3285 DCZ. As EUR/USD continues to consolidate just above this level, it once again is a Key to today’s direction.

The Day Ahead

If the Bullish Trend is to continue, now is the hour for EUR/USD to bounce. I’ll be looking for Long entries at either of 4 nice Hotspots.

High Impact News – C.E.T.

11:00am EUR German ZEW Economic Sentiment
2:30pm USD Core Retail Sales m/m
USD Retail Sales m/m

Terrific Tuesday everyone

Geoff Pyne  

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