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14 August 2013 | Free Daily Analysis | EURUSD : GREAT PIPS ON GBP/JPY


G’day Surfers – going, going………..

Yesterday’s Report

NO – was the answer to yesterday’s question “would EUR/USD use 1.3285 and former Resistance Trendline as a springboard to continue the Bullish trend?”. We spotted an early opportunity Long and the order we placed gave us TP1, but we had to settle for Break Even. In similar fashion to the previous two London sessions, we were expecting early selling prior to the resumption of the Bullish Trend.  The market waited for U.S. Retail Data before making the move but headed straight to DS-2, once in motion and the rally never came. Great news on our Swing & Relax strategy however, as our GBP/JPY trade went to target and we banked 130 pips – NICE.

Technical Analysis

Having now broken the major Support levels, EUR/USD must work hard to prevent substantial falls. Price Action now sits under the Major Support of yesterday and may well re-test it from below. Again then, 1.3285 and the confluence with former Resistance Trendline #1 is the Key Level of the day. Below this area, I’m Bearish – above it, Bullish. Pivots are mixed and Daily has been tested. Early German GDP figures this morning have done nothing to clear the picture.

The Day Ahead

A thrilling contest between Bulls/Bears and it’s tough to call. All Trendlines lead to the same point so it’s here that we should find the answer. Expect an explosion where they collide.

High Impact News – C.E.T.

11.00am

EUR Flash GDP q/q
2:30pm USD PPI m/m

Wishing you a wondrous Wednesday.

Geoff Pyne  
CERTIFIED TRADER

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