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15 August 2013 | Free Daily Analysis | EURUSD : RECESSION BREAK…WHAT RECESSION BREAK?

G’day Surfers – talk about delayed reaction!!!Yesterday’s Report

In a trading era that has seen EUR/USD tumble hundreds of pips at the slightest hint of bad news, I would have expected an explosion when news broke of the 18 mth Eurozone recession sequence ending. What did we get? A 42 pip range that saw the cross close 7 pips BELOW its open – I’m stunned! Trading that 42 pip range was a treacherous task and we were quite ambivalent. Our first order was Short, traded live in our FREE TRADING ROOM . Price Action (PA) gave a clear indication it wasn’t playing ball so we closed for a 4 pip loss. Order #2 was looking for the explosion Long – it didn’t trigger. Same again for our third attempt – again looking Long but our trading day closed (fortunately), prior to triggering. Minimal damage on a tough day at the office.

Technical Analysis

Well, a mini explosion finally came – as Europe slept! Delayed reaction to the good EURO news or not, PA finds itself once again, in familiar territory and finally, at the multi confluence level we have been watching closely. Mixed signals are disguising very well however, which direction any such volatility will head. Pivots are confused and very close together, PA is non-existent apart from the one 43 pip movement during Asia session and sits on top of the “firing zone” awaiting detonation. A slight Bearish bias from me but I’ll keep a hawkeye on Hotspots.

The Day Ahead

I’m expecting something special but PA is revealing very little. It might be a subtle invitation we get to join the fun so diligence at and around Hotspots is my mantra today.

High Impact News

2:30pm USD Core CPI m/m
USD Unemployment Claims
4:00pm USD Philly Fed Manufacturing Index

Thinking Thunderous Thursday is here……enjoy your day.

Geoff Pyne  

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