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16 October 2013 | Free Daily Analysis | EURUSD : TWAS THE NIGHT BEFORE DEBT CEILING DAY

G’day Surfers, the market might be stirring!!

Yesterday’s Report


As EUR/USD sold off during UK Session yesterday, it felt very much like the market was positioning itself for DCD (Debt Ceiling Deadline) to pass and whatever reaction may ensue. The Bears drove Price Action to WS-1/our secondary Support Trendline #1 where it bounced 50% to re-test the broken primary Support Trendline #2. We spotted opportunities on each Strategy to trade any bounce Long but PA declined our invitation and we didn’t enter.

Technical Analysis


Both Support Trendlines are in sharp focus today, with PA sandwiched between them and a break of either, should provide direction for the day. Difficult to keep up with the “dancing Pivots”, Daily having AGAIN crossed Weekly, this time to the South, creating a Mixed scenario (is it ever?). So the range continues after yesterday’s failed attempt to break Short. Still guess work as to what’s next I’m afraid.

The Day Ahead


No change – no bias and a bit cautious for well documented reasons. Same, same – AAA setups and small stakes. (It’s getting closer to an end!!)

High Impact News

8:00pm EUR ECB President Draghi Speaks

Have a Wonderful Wednesday.

Geoff Pyne  
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