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20 AUG 2012 | Free Daily Analysis | EURUSD : IBUPROFEN REQ’D

Happy New Week Surfers –

Yesterday’s Report

Though he actually disproved it, Newton is credited with “What goes up – must come down” and it certainly found validity in Friday’s Price Action. We should be surprised at this………….NOT, given the lead-in the week had delivered. Truly snake like in nature and confirming the congestion of the past weeks. High to low, Friday traded right on the Daily average for the week of 94 pips yet closed within 22 pips of the day’s open. BOORRINGG!!

Technical Analysis

EUR/USD remains under the influence of Inverted H/S on both Daily & H4 Charts, giving me a Bullish outlook. Zooming further intraday however, a different picture emerges with Higher Lows & Lower Highs dominating the landscape. Our Pivots are locked onto each other like tracking missiles giving further evidence (if you needed any) of the congestion Price Action is experiencing. For this reason, I’m inclined to attribute less importance than usual to the crossover of Daily Pivot, to the South of Weekly & Monthly. Price Action appears to have formed a lasting relationship with the 1.23335 Critical Level, at which it keeps tapping away. Long story short…………….MIXED SIGNALS.

The Day Ahead

My Crystal Ball is as clear as mud this morning and I will rely entirely on Price Action coming to a Hot spot and delivering me a signal. My expectations are low however as The Boomtown Rats echo in my ear and the News Calendar is completely barren.
Oft have i said as much and received a pleasant surprise however so don’t wander too far from the PC.

Have a great day & week.

Geoff Pyne | Certified SurfingThePips.com Trader

 

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