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17 October 2013 | Free Daily Analysis | EURUSD : PROFITS BEFORE US OPEN FOR BUSINESS


G’day Surfers, we got the present on DCD Eve!!

Yesterday’s Report

 

Despite the fundamental mess of the past few weeks, EUR/USD behaved in Pure technical fashion yesterday. Without bias, we slightly favoured a Short direction but another doji day resulted. The market’s first move was Long and a beautiful STP’s secret Candle Pattern had us in the market and on our way to an ultimate DR-1 Target (though WP was also an acceptable exit). DR-1 proved the perfect exit as Price Action reversed, plummeting to the Support of the 1.3470 Low of three weeks ago. A bungee ride day but hitting technical levels superbly!

Technical Analysis

 

With the USA operational again (albeit temporarily), we look forward to some trending. A tested Daily Pivot (DP) remains sandwiched between Weekly/Monthly and patiently waiting (like the rest of us) for PA to show it’s hand. It seems a while ago but the previous trend was Bullish so I’m favouring a resumption of the and therefore a breakout Long.

The Day Ahead

 

The dust is yet to settle in the States so I believe small stakes are still the order of the day and I have no intention of repaying yesterday’s gains. AAA’s at Hotspots should ensure the week remains positive.

High Impact News – CET

2:30pm

USD Unemployment Claims
4:00pm USD Philly Fed Manufacturing Index

Enjoy your Thursday.

Geoff Pyne  
CERTIFIED TRADER
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