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18 February 2014 | Free Daily Analysis | EURUSD : BYE BYE 1.3700

DB 1802 H4
DB 1802 M30

G’day Surfers – Range Breaker Day?

Yesterday’s Report

With “All the President’s Men” celebrating yesterday, there was no market at all. The 32 pip Doji would be acceptable on an M30 Chart but it was in fact, the Daily Candle. Nothing more to say except glad we stayed away!

Technical Analysis

PA made it’s way to 1.3700 on Friday and its there that it remains, having broken the Descending Channel. A lack of conviction in that move, has me wondering how serious buyers are in their efforts to take EUR/USD above 1.3700. The confluence of 1.3815 and long term Resistance Trendline #1 is compelling evidence that Long is where the cross is headed. Bullish Pivots agree with that and I’m also a fan, despite the “comfort zone” below 1.3700 beckoning PA back.

The Day Ahead

 

Looking for Longs but perhaps a re-test of the broken channel first. Plan A is set!

High Impact News – CET

11:00am EUR German ZEW Economic Sentiment


Geoff Pyne  

CERTIFIED TRADER 

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