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20 May 2014 | Free Forex Analysis | EURUSD : STANDOFF CONTINUES

DB 2005 H4
DB 2005 M30

G’day Surfers – Break Even but no Break Out

Yesterday’s Report

It being Monday, the small 42 pip range was of no great surprise, despite some early signs of life. Indeed, PA setup long 3 times and we responded by placing 2 intraday orders and one Swing & Relax. Both intraday orders produced first take profits but neither could produce a second, both closing at break even. The S&R is hanging in there as PA continues to deliberate whether to use 1.3700 as Support or Resistance.

Technical Analysis

 

The Bearish Pivot formation has immediately turned to indecision, in line with PA. DP has not only been tested, it has nurtured 6 of nine H1 candles to date. So with 1.3700 the perpetual centre of attention, the Inverted Head & Shoulders so far ineffective and mixed pivots, it’s tough to maintain a directional bias. Mine is slightly Bullish.

The Day Ahead

 

No fixed ideas – just waiting for more decent setups at Hotspots and let the strategy do the rest.

High Impact News

 

Not today

Terrific Tuesday all.

Geoff Pyne  

CERTIFIED TRADER

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