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13 May 2013 | Free Daily Analysis | EURUSD : ECLIPSE OF THE PIVOTS


 

Happy New Week Surfers – the Stars have aligned!

Yesterday’s Report

Having rejected “life” above our Daily Critical Zone (DCZ)  Range between 1.3115 & 1.3030, Price Action (PA) spent the first half of Friday just inside the Range but has since sampled conditions below.

Technical Analysis

Just like it’s astronomical counterpart, an “eclipse” of all three Pivots is a rare occasion. Very much a feature of today’s EUR/USD charts however, we have Monthly & Weekly locked together, with Daily in their “shadow”, just 5 pips to the South. To continue the analogy PA will find it very difficult to NOT pay attention to the Pivots. EUR/USD is looking a little oversold, despite the closeness of the Pivots so a pullback looks likely, in a Bearish scenario.

The Day Ahead

The natural magnetic pull towards the Pivots aside, the market is in a Bearish mood. I’ll look to catch the pullback to Daily Pivot with a good setup but fter that, Price Action will lead the way.

High Impact News – CET
All Day EUR Eurogroup Meetings
2:30pm USD Core Retail Sales m/m
USD Retail Sales m/m

May your Monday be Magnificent.

Geoff Pyne  
CERTIFIED TRADER

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