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20 Mar 2013 | Free Daily Analysis | EURUSD : TIME OUT AS CYPRUS SAYS OXI


G’day Surfers – Strange Days Indeed!

Yesterday’s Report

Very boring and untradeable London session as the trading world tried to make sense of the Cyprus crisis. News of the Cyprus Parliament’s rejection of the proposed bailout package got things moving but again – somewhat indecisive action. At day’s end, EUR/USD shed 75 pips and closed under our Daily Critical Zone (DCZ) @ 1.2909.

Technical Analysis

The break of our DCZ is quite significant and it’s difficult to imagine any fundamental news can assist it to recover. In fact, the ONLY reason I can think in a remotely Bullish fashion, is that our Pivots have become a little stretched and that the gap is still open. The trend on all charts is Bearish, Support has disappeared (apart from today’s low), Fundamentals are scary……..it’s not a good look for EURO I’m afraid. Interestingly, an Ascending Triangle #1 (Bullish) has just been broken…….mmmm!

The Day Ahead

If it smells like smoke & feels HOT, chances are there’s a fire! I can’t have any confidence that EUR/USD isn’t about to crash & burn so my sentiment is VERY Bearish. Having said that – the strategy remains the same: Trade what you see, NOT what you think. So, we have 2 clear Hotspots – should a Long setup occur at either one, it will be a VERY small stake.

High Impact News

7:00pm USD FOMC Economic Projections
USD FOMC Statement
7:30pm USD FOMC Press Conference

Walk Warily this Wednesday

Geoff Pyne  
CERTIFIED TRADER

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