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15 May 2013 | Free Daily Analysis | EURUSD : GENTLY, GENTLY – TILL NOW!

G’day Surfers – No crash YET but EURO sliding.

Yesterday’s Report

EUR/USD resembled the leaves of Autumn as it fell 60 pips gently yesterday, but not before Price Action (PA) attempted to revisit 1.3030. Perhaps the action of a dear friend about to embark on a “holiday”? We saw both the rally AND the fall coming as PA “danced” at our Hotspots, inviting us to enter. Our first attempt at the Long timed out but the second Surfing The Pips Secret Candle Pattern produced TP1, prior to a Break Even result. If you were patient enough to wait for our Short Entry to trigger (which timed out), target was hit very late in NY Session.

Technical Analysis

Intraday, we are Trending Short with some clear space if PA can break our 1.2909 Daily Critical Zone – dead ahead. Pivots confirm the trend but Daily is yet to be tested, as is the Support Trendline #1 that failed to hold PA yesterday. The confluence of this pair #2looks a tempting early target today and certainly a crucial level. What PA does here (should it arrive) should determine today’s overall direction which I favour to be Short.

The Day Ahead

I’m quite keen to play both directions today if PA comes to play. Early Red News has dampened my enthusiasm to some degree. However, my preferred option is to play the Long to the above mentioned confluence level, prior to getting Short.

High Impact News – C.E.T.

11:00am EUR Flash GDP q/q
2:30pm USD PPI m/m

Wonderful Wednesday everyone.

Geoff Pyne  

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