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18 September 2014 | Free Forex Analysis | EURUSD : NO SURPRISES

DB 1809 H4
DB 1809 M30

G’day surfers – all quite predictable really.

Yesterday’s Report

When FOMC is due to be released, not much happens on EUR/USD in the lead up and we saw that again yesterday with PA unwilling to stray far from DP, prior to the NEWS. Our only order of the day was a Short, hoping to catch any pre-news activity but it didn’t arrive. No entries and the Fed boosted US spirits and the Greenback, News driving EUR/USD 120pips South.

Technical Analysis

As you would expect, DP has crossed Weekly to the Southside, reconfirming the extremely Bearish Trend. PA has retraced by about 25% of the news move but well short of an untested DP. I can see absolutely no Support for the cross however, until 1.2800. Even the Double Bottom isn’t (even that is) so it’s not a reversal pattern in which I’d be placing too much faith. I will keep an eye on PA (just in case) though.

The Day Ahead

To end the week on a high, I’ll be looking for a DP test, then Short. The DP test trade will need to be very small stake as it will be like trying to turn the tide.

High Impact News – CET

11:15am EUR Targeted LTRO
USD Building Permits
USD Unemployment Claims
2:45pm USD Fed Chair Yellen Speaks
4:00pm USD Philly Fed Manufacturing Index

Have a great day everyone.

Geoff Pyne  


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