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19 FEB 2013 | Free Daily Analysis | EURUSD : BREAK TIME, BUT WHICH WAY?

Happy New Trading Week Surfers – nice long break!

Yesterday’s Report

Though I confess to paying scant regard to the charts yesterday, I found no surprise that the market ranged less than 60 pips and was directionless. We are definitely better off away from the Market when either the US or Europe are on Holiday!

Technical Analysis

The first noticeable feature of our charts is the close proximity of our Pivots – once again not surprising, given EUR/USD has no direction and seems unable to find one. The only real indication I have is the long term trend, which remains Bullish but medium term it’s Bearish and short term there’s none. This situation will challenge us trading Intraday and Price Action has lots of Support & Resistance with which to contend.

The Day Ahead

When the market tells me nothing, I am very cautious but keen to find the breakout. We have Hotspots and it’s here that we will watch Price Action very carefully, looking for AAA setups. In other words – situation normal except i have absolutely no bias. Just as well it’s not compulsory!!

High Impact News

11:00am EUR German ZEW Economic Sentiment

Be careful, but be ready on Tinderbox Tuesday.

Geoff Pyne  

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