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19 May 2014 | Free Forex Analysis | EURUSD : BATTLE STATIONS

DB 1905 H4
DB 1905 M30

Happy New Week Surfers.

Yesterday’s Report

 

We were taken into our S&R Long late on Thursday so found ourselves in a Friday Market which of course is not our modus operandi. After giving PA a chance to deliver a free trade, we closed the position so the relaxation could begin. We donated 2 pips to our brokers. For what it’s worth, EUR/USD ranged 42 pips to close the week just shy of 1.3700.

Technical Analysis

 

That level should again prove the testing material so really nothing has changed whilst the market decides which side of this extremely popular figure, we should concentrate. Pivots have assumed a Bearish formation as last week’s falls take effect. Intraday charts appear to be in contrast, the appearance of an inverted Head & Shoulders #1, suggesting reversal. Let the battle begin. DP was where the market opened today after the weekend gap – perhaps it needs a REAL test?

The Day Ahead

It’s Monday so expectations aren’t high but the potential reversal at a key level has my interest. First up News may shape the day.

High Impact News – CET
9:00am EUR German Buba President Weidmann Speaks

Magic Monday everyone.

Geoff Pyne  

CERTIFIED TRADER

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