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15 April 2014 | Free Forex Analysis | EURUSD : DP/GAP REJECTED

DB 1504 H4
DB 1504 M30

G’day Surfers – hmmm, back to DCZ.

Yesterday’s Report

 

Despite (or perhaps ‘in spite of’) the combined magnetic forces of an untested DP and a Market Gap, PA found a re-test of DCZ 1.3815 more attractive in a typical Monday 55 pip range. We spotted an opportunity to trade the DP Test and were rewarded with a TP1 before PA about faced in search of Support, giving us a Break even result.

Technical Analysis

 

The only difference to yesterday is that PA currently lies on a MP bed and DCZ ‘mattress’ at 1.3815. Hovering above and completing a very cosy ‘resting’ place are a unified (and still untested) DP/WP. For the record, Pivots are holding (barely) a Bullish formation. Melted down, those ingredients combine to suggest Longs are the ‘flavour’ of the day. Not for the first time (nor, I suspect the last), 1.3815 is the key level – Bullish above/Bearish below.

The Day Ahead

 

Tough not to be thinking Long but the market is very compressed. Cautiously Bullish.

High Impact News – CET
11:00am EUR German ZEW Economic Sentiment

2:30pm

USD Core CPI m/m
2:45pm USD Fed Chair Yellen Speaks

Terrific Tuesday everyone.

Geoff Pyne  

CERTIFIED TRADER

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