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18 July 2013 | Free Daily Analysis | EURUSD : PIPS FOR PINBALL WIZARDRY

G’day Surfers – wild ride it was!

Yesterday’s Report

What an interesting day we had yesterday as the market bounced like a pinball each side of the Daily/Monthly Pivot combo and our 1.3115 Daily Critical Zone. We placed a Long order an hour before London Open and dependant on your broker, you were taken into the trade early or, like we who attended the Live Trading Webinar, in the first hour of London session. The results were quite different – the early starters sadly took a loss whilst we traded to TP1 Live, but fell 2 pips short of Target for a Break Even trade. Three hours later a second Long, setup beautifully just prior to news. We traded it small, because of the news and those who elected to trade it, were rewarded with a first class ride to target.

Technical Analysis

Price Action has now ducked back under 1.3115, into it’s favourite Daily Critical Zone (DCZ) range between 1.3115 & 1.3030. H4 is showing me Higher Hi’s & Lo’s but they are very close together, suggesting consolidation continuation. Daily Pivot (DP) is all but tested & remains locked together with Monthly. Weekly is spoiling the party by remaining below both, thereby creating a mixed formation. So again – no clear direction but two clear Hotspots. Until yesterday’s low is taken out, I remain slightly Bullish.

The Day Ahead

1.3115 & yesterday’s Low are points of interest today, if either fails to hold PA, I think we’ll have found a direction. I’d like to see a better test of DP so Plan A will be to find a way to trade it.

High Impact News

2:30pm USD Unemployment Claims
4:00pm USD Fed Chairman Bernanke Testifies
USD Philly Fed Manufacturing Index

Have a great Thursday everyone.

Geoff Pyne  
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