G’day Surfers – slow start to the week.

Yesterday’s Report

A sixty pip range that saw some spirited buying followed by a slow pullback to where the day began – snuggled close to Daily Pivot. Not a single trading opportunity presented so we stayed flat.

Technical Analysis

Daily Pivot is again the centre of attention today as EUR/USD remains in a tight range. Daily Pivot has been tested and heads a perfect Bullish formation. As consolidation threatens to become congestion, a Pennant chart pattern #1 offers no help as to the direction any breakout might take. The Pennant’s extremes (our Hotspots) will hopefully provide those clues. Yesterday’s rally stopped just short of creating an Intraday Double Top but served notice that 1.3375 will be a Resistance level to be respected. I’ll side with our Pivots for now and favour the Bulls.

The Day Ahead

Clean Hotspots make our work very clear. Although still provisional with excellent tests to date, both our first Support & Resistance Trendlines appear full of potential. If the breakout occurs, we have an excellent chance of catching it.

High Impact News

Again – nothing

Terrific Tuesday everyone.