G’day Surfers – now their talkin’.
Yesterday’s Report
A case of “ask & ye shall receive” yesterday – the answer to our pullback question was delivered but no setup to trade it. Price Action eventually broke the tight range & our support Trendline, albeit unconvincingly. A gradual climb back to the Trendline sent most of us to bed before a very late sell off in US session, that took Price Action to the pullback target – our long term Resistance Trendline. No setups = no trades.
Technical Analysis
Our old Trendline remains the centre of attention and is acting as good Support for EUR/USD. Yesterday’s pullback has dragged Daily Pivot (untested today) within 80 pips of Weekly and Monthly completes confirmation of the Bullish Trend, 115 pips to the South. So, with the requested pullback delivered and an untested Daily Pivot to the North; Longs appear the most probable outcome. Should the bespoke trendline break however, EURO is going DOWN. Keeping our eyes focused on what happens either side of this trendline is integral to our success today.
The Day Ahead
Looking for Longs but aware of the potential for reversal confirmation and therefore Shorts. The only Trendline I currently have at my disposal should see action and it’s here that a direction will be made clear I believe.
High Impact News
| 2:30pm | USD | Building Permits |
| USD | Unemployment Claims |
| 4:00pm | USD | Philly Fed Manufacturing Index |
Willing you a Wondrous Wednesday.
Geoff Pyne
CERTIFIED TRADER
G’day Surfers – now their talkin’.
Yesterday’s Report
A case of “ask & ye shall receive” yesterday – the answer to our pullback question was delivered but no setup to trade it. Price Action eventually broke the tight range & our support Trendline, albeit unconvincingly. A gradual climb back to the Trendline sent most of us to bed before a very late sell off in US session, that took Price Action to the pullback target – our long term Resistance Trendline. No setups = no trades.
Technical Analysis
Our old Trendline remains the centre of attention and is acting as good Support for EUR/USD. Yesterday’s pullback has dragged Daily Pivot (untested today) within 80 pips of Weekly and Monthly completes confirmation of the Bullish Trend, 115 pips to the South. So, with the requested pullback delivered and an untested Daily Pivot to the North; Longs appear the most probable outcome. Should the bespoke trendline break however, EURO is going DOWN. Keeping our eyes focused on what happens either side of this trendline is integral to our success today.
The Day Ahead
Looking for Longs but aware of the potential for reversal confirmation and therefore Shorts. The only Trendline I currently have at my disposal should see action and it’s here that a direction will be made clear I believe.
High Impact News
| 2:30pm | USD | Building Permits |
| USD | Unemployment Claims |
| 4:00pm | USD | Philly Fed Manufacturing Index |
Willing you a Wondrous Wednesday.
Geoff Pyne
CERTIFIED TRADER
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