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15 OCT 2012 | Free Daily Analysis | EURUSD : PRICE ACTION ON A PROMISE

Happy New Week Surfers. We depart 1.29088 this week – promise!!

Yesterday’s Report

Consolidation, 60 pips up, consolidation, 55 pips down was how EUR/USD spent most of Friday. We were more than happy to be otherwise occupied, safe in the knowledge our pips gained during the week, were at NO RISK. This relaxed approach is but one of the reasons we don’t trade on Fridays (and a damned good one).

Technical Analysis

Like an unattended garden hose after the tap’s turned on, EUR/USD continues to flail an uncharted course based only on the pressure of the water main (generally news). This month-long consolidation is punctuated by an occasional false breakout but is still very much focused around 1.29088, where we find our week beginning once again. Inevitably, consolidation gives way to congestion, prior to a major break and the lower hi’s and higher lo’s I’m seeing on intraday charts suggest we are getting close! Our Pivots agree with that analysis and remain mixed in their nature. Daily & Weekly are cavorting like a couple of newlyweds, their bodies almost mingling. Daily (though creeping ever closer) continues to deny Weekly, the pleasures it’s company can provide, preferring to remain stuck in the middle: WP>DP>MP. Whilst EURO clings tenuously above the 3mth old Support Trendline, I have a soft spot for the Bulls but it’s very much a 50/50 call as the week begins. .

The Day Ahead

More certain that it will rain on my golf day than which direction the inevitable breakout will take, I must wait for Price Action to guide me. Again I am relying on provisional trendlines as Hotspots but hey – they’re doing a pretty good job!
Usual procedure – invites sent to Price Action, if it attends and gives me a setup – I place an order. No show – no trade!

High Impact News

 

2:30pm USD Core Retail Sales m/m
2:30pm USD Retail Sales m/m

Have a great week guys.

Davide Franceschini | Chief Trader and Founder at SurfingThePips.com

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