Happy New Week Surfers – Euro back “home in the range” as we take a US BANK HOLIDAY long weekend.
Yesterday’s Report
What went up on Thursday came straight back down on Friday, EUR/USD apparently spooked again, by the psychological 1.3400 barrier. Interestingly enough, Price Action fell over 100 pips perfectly to our long term Resistance Trendline that (yet again) provided strong Support, producing a 40 pip bounce. A near doji week for our cross ended with Price Action back inside the tight consolidation range.
Technical Analysis
Friday’s High now gives us a substantial double top around that 1.3400 mark so a potential reversal is certainly there. Unsubstantiated as yet, in fact the bounce off our Trendline will not encourage the Bears. Daily Pivot has nestled with Weekly and the pair has been tested today, rejecting Price Action’s attempt to climb higher. I’m yet to see a lower High OR Low on H4 or better so can see no meaningful “backup” for the Double Top, at this stage. I therefore remain Bullish in sentiment and will seek Long entries when I resume trading tomorrow, until I see a lower High/Low, to confirm a reversal.
The Day Ahead
Two decent Hotspots promise some action today, both in good trading areas. Morose Monday & US Bank Holiday the only dampener to my enthusiasm for some pips. Our strategy calls for us to remain sidelined when the US are relaxing due to reduced liquidity, creating dangerous trading. Tomorrow however, SURFING THE PIPS 2013 launches with our FREE TRADING ROOM WEBINARS. If you are NOT registered for this exciting development in our delivery of the StP Strategy, I suggest you do so NOW. No joke – the room is near capacity – right now!
High Impact News
| All Day | EUR | Eurogroup Meetings |
| All Day | USD | Bank Holiday |
May your Monday make many memories.
Geoff Pyne
CERTIFIED TRADER
Happy New Week Surfers – Euro back “home in the range” as we take a US BANK HOLIDAY long weekend.
Yesterday’s Report
What went up on Thursday came straight back down on Friday, EUR/USD apparently spooked again, by the psychological 1.3400 barrier. Interestingly enough, Price Action fell over 100 pips perfectly to our long term Resistance Trendline that (yet again) provided strong Support, producing a 40 pip bounce. A near doji week for our cross ended with Price Action back inside the tight consolidation range.
Technical Analysis
Friday’s High now gives us a substantial double top around that 1.3400 mark so a potential reversal is certainly there. Unsubstantiated as yet, in fact the bounce off our Trendline will not encourage the Bears. Daily Pivot has nestled with Weekly and the pair has been tested today, rejecting Price Action’s attempt to climb higher. I’m yet to see a lower High OR Low on H4 or better so can see no meaningful “backup” for the Double Top, at this stage. I therefore remain Bullish in sentiment and will seek Long entries when I resume trading tomorrow, until I see a lower High/Low, to confirm a reversal.
The Day Ahead
Two decent Hotspots promise some action today, both in good trading areas. Morose Monday & US Bank Holiday the only dampener to my enthusiasm for some pips. Our strategy calls for us to remain sidelined when the US are relaxing due to reduced liquidity, creating dangerous trading. Tomorrow however, SURFING THE PIPS 2013 launches with our FREE TRADING ROOM WEBINARS. If you are NOT registered for this exciting development in our delivery of the StP Strategy, I suggest you do so NOW. No joke – the room is near capacity – right now!
High Impact News
| All Day | EUR | Eurogroup Meetings |
| All Day | USD | Bank Holiday |
May your Monday make many memories.
Geoff Pyne
CERTIFIED TRADER
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