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16 January 2014 | Free Daily Analysis | EURUSD : SWINGING INTO PROFITS

DB 1601 H4
DB 1601 M30

G’day Surfers – we’re banking again.

Yesterday’s Report

 

Asia started selling EUR/USD immediately yesterday & one wave at a time, the sell off continued. The ONLY opportunity for us to join in, came an hour before we clocked on, with a small yet effective, Secret Surfing The Pips Candle Pattern. Over to our Swing & Relax Strategy (S&R) which setup nicely for a Long on EUR/JPY. That trade triggered overnight, hitting TP1 which has now been banked, with stops @ BE. Nice to have the S & R picking up the slack!

Technical Analysis

It’s like looking in the mirror today – Asia Session has bought some Euros back, already testing Daily Pivot, which has crossed Weekly to the South, setting up a Bearish formation. Tempering that to some degree is the double bottom formed yesterday. Still trading in a range, the cross is still struggling to break free. DP might be the key today – PA above it and I’m Bullish but back if it holds as Resistance – it’s Short for me.

The Day Ahead

 

I guessed and got the direction completely wrong yesterday (at no cost). The crossover of DP to the South has me slightly Bearish but still the consolidation goes on. I’ll trade in either direction – as usual, when PA comes to me.
High Impact News – CET

2:30pm
USD Core CPI m/m
USD Unemployment Claims
4:00pm USD Philly Fed Manufacturing Index
5:10pm USD Fed Chairman Bernanke Speaks

Have a great day.

Geoff Pyne  
CERTIFIED TRADER
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