G’day Surfers, well I don’t know about you but was that good news – or bad?

Yesterday’s Report

You could be forgiven for feeling just a little deflated after the Red Robed Rulers ratified the ESM – kinda! I will leave it to others to analyse the wisdom or otherwise of the Court’s decision – I just want to GET ON WITH IT! At day’s end a muted response to the ruling saw EURO test our major resistance @ 1.2909, kiss MR-2 before ending the day just under 1.29. So the rally continues and quite sharply at that – making entry impossible for us.

Technical Analysis

With EURO rocket in full cry now, our Pivots are screaming “Overbought” and the only game in town, is a waiting one. With Price action 40 pips above the untested Daily Pivot which is 188 pips above Weekly and Monthly lagging behind by a further  254 – there’s nowhere to go. Serious pullback is needed to consider a long entry and confirmation of a reversal necessary to consider shorting this now extremely Bullish cross. A distinct lack of tradeable trendlines will also keep me on the sidelines. As FY 2013 began, just 11 weeks ago, 1.30 seemed a lifetime away for EUR/USD – now it seems a technical formality. Should the next 24hrs of news/announcements go EURO’S way, I’d not be surprised to begin trading next week @ 1.3285!! Over to you BIG BEN!

The Day Ahead

Well put your crystal ball away – you KNOW what comes next……………..yes it’s NSNL (NO SHORTS NO/LONGS) day again.
Price Action would need to pullback a considerable amount to entice me into the market long and I’m not interested in trying to pick the top of this run. “A” signals have unfinished business this week so they are still on the lookout for Secret Surfing The Pips candle patterns however and they may find a risky countertrend dash to Daily Pivot – we’ll see.

High Impact News

Have a lovely day

Geoff Pyne | Certified SurfingThePips.com Trader