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19 June 2014 | Free Forex Analysis | EURUSD : GAME OF INCHES CONTINUES

DB 1906 H4
DB 1906 M30

G’day Surfers – S&R confusion sorted.

Yesterday’s Report

Firstly my apologies for misrepresenting our S&R Trade #1 yesterday. I missed the entry and was not trading it myself, hence the confusion. I wrote yesterday that the trade had closed at BE when in fact, it was still alive. In an ironic twist – S&R #2 (which I was trading) closed out at BE. #1 continued into the FOMC statement which whipsawed to achieve a BE TP2 and hence a small winner with TP1 banked. Sadly, TP2 was stopped by a very small margin. PA fell 2 pips short of 1.3600  during the News volatility and has now settled just above our 1.3585 DCZ.

Technical Analysis

 

The tug ‘o’ war between 1.3600 & 1.3500 is currently in favour of the Bulls who drove DP above Weekly yesterday, producing a mixed formation. This does nothing to help from a directional perspective but the fact that DP is untested, does. The Double Bottom we spotted on Monday, has its chance to shine today so my bias is twofold – DP Test then Long OR DP break and then Short. I will allow PA to guide me which path to tread.

The Day Ahead

 

I’ll give the Bears another chance and look for the latter of the two scenarios. If I fail to find it, #1 may be the way!

High Impact News – CET

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

 

Trust that Thursday sees you Thriving.

Geoff Pyne  

CERTIFIED TRADER

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