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16 May 2013 | Free Daily Analysis | EURUSD : DCZ’s CRUMBLING

G’day Surfers, still slow & steady.

Yesterday’s Report

Fall, Support, Rally! That’s the simplified version of EUR/USD’s “repeat performance” of Tuesday’s action but again, only 34 pips were shed when the day was done and the gradual decline for EURO continued. We were keen to get Short but were looking for a Daily Pivot test prior and an early Surfing The Pips Secret Candle Pattern setup.  However, bad News sent the cross southbound, in search of our Major Support Trendline #1 which it found without effort. Support it did and that’s where we join the hunt for pips today after a day without entry.

Technical Analysis

Difficult not to be Bearish despite Price Action being unsuccessful to date, at breaking it’s current Support. Daily Pivot has all but been tested and sits boldly 147 pips below the combined Weekly/Monthly cohorts, suggesting Low is the place to go. Should the aforementioned Support Trendline hold and Price Action produces at least a higher LOW, we will consider a Long entry, but definitely a tough call beforehand even considering some pullback is due.

The Day Ahead

Definitely looking for an opportunity to join the EURO sell off but as always, only a setup will provide the entry. If a reversal signal comes and is confirmed by Price Action, a very small stake Long may come.

High Impact News

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

Have a great Thursday

Geoff Pyne  

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