+ 8 = fourteen



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16 OCT 2012 | Free Daily Analysis | EURUSD : EURO PLAYS TENNIS

G’day Surfers – no change, we’re still sideways.

Yesterday’s Report

We suggested that consolidation was leading to congestion and the doji day that was delivered, backs us up completely.  A near Ace saw 71 pips come off EUR/USD early in Asian Session, consolidation prior to London where, In pre-game warm up, we spotted an opportunity to go Short but the earlier Bearish move produced a return of serve with interest, spiking to 1.2978 & taking us into a Long Trade, with a comfortable first take profit. The New Ball responded to a Bearish Volley immediately however, delivering a Break Even trade and a re-test of Weekly Pivot. Continued baseline rallying through the remainder of London & NY Sessions brought up the final Deuce scoreline. We have one Ace up our sleeve however, in the shape of a Swing & Relax Long order which has triggered in the last hour and are Free Trading.

Technical Analysis

It’s like Raffa vs Roger at Roland Garros with neither protagonist willing to give an inch and anticipation growing as the 5th set draws nigh. I suspect the 5th is a little more Fundamental (Ecosummit) than Technical and all games are on serve, without trend. Notably, Daily Pivot has moved to the AD court and presents us with Bullish sentiment, leading Weekly and Monthly Northerly, towards Set Point. DP has not broken free of Weekly however and the pair will attract Price Action to the Net, where an interesting Rally could be decided. In that regard, today’s outlook is a little clearer and I have a decent Game Plan.

The Day Ahead

With a Bullish outlook, I am mindful of the combined magnetism that the untested Daily & Weekly Pivot provide so initially, I’m looking for some early selling, prior to Raffa knocking a winner back over the net, sending EURO in pursuit of 1.3033. Hot Spots ready? Price Action ready? – PLAY!

High Impact News

11:00am EUR German ZEW Economic Sentiment
2:30pm USD
Core CPI m/m

Have a good one,

Davide Franceschini | Chief Trader and Founder at SurfingThePips.com

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