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20 November 2013 | Free Daily Analysis | EURUSD : BIG DOJI GAPS EUR/USD


G’day Surfers – no trades on crazy day.

Yesterday’s Report

 

In what seems like an unprovoked surge, EUR/USD spiked 25 pips in a heartbeat as Londoners turned up to work yesterday. The unexpected buying spurt was short lived as Price Action (PA) retraced immediately but it’s ferocity caused a 3pip gap in the market. The resulting doji set the tone for a see sawing day that saw two new Hi’s and a 32 pip gain. The whipsawing nature of the day made it untradeable – our only order (a Long) timed out so no entries.

Technical Analysis

 

The slow but methodical rally that began two weeks ago continues to pose more questions than providing answers. The Ascending Triangle of the past few days appears broken but barely and the opposing Flag remains intact. Pivots are still Mixed and so does my bias. An untested Daily Pivot (DP) below PA provides me with a Short Term Bearish outlook.

The Day Ahead

Looking for a setup to play the DP Test first up, then I’m completely open to what PA delivers but Short has a nice ring to it!  Big news day for the dollar may keep the market quiet early – we’ll see.

High Impact News – CET

2:30pm

USD Core CPI m/m
USD Core Retail Sales m/m
USD Retail Sales m/m
4:00pm USD Existing Home Sales
7:00pm USD FOMC Meeting Minutes

Wishing you a Wonderful Wednesday

Geoff Pyne  
CERTIFIED TRADER
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