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21 January 2014 | Free Daily Analysis | EURUSD : STILL ROOM BELOW

DB 2101 Daily
DB 2101 H4
DB 2101 M30

Yesterday’s Report

As expected, Price Action was slow moving yesterday but did come off a double bottom and test daily Pivot (DP) so was technically well behaved. No trade day for us as the States celebrated Martin Luther King Day.

Technical Analysis

 

By default, Price Action (PA) finds itself above a tested DP which is still out front of a Bearish formation. A bearish continuation appears likely as a lower High & Low sequence becomes prominent on H4, as does the formation of a decent Flag #1. As mentioned yesterday, Fibo fans will be thinking Long here so it could be interesting.

The Day Ahead

 

The confluence area around 1.3591 looks an ideal place for Shorts so that’s plan A. We might just be able to sneak a cheeky Long to that area if PA plays our game.
High Impact News – CET
11:00am EUR German ZEW Economic Sentiment

Terrific Tuesday everyone

Geoff Pyne  
CERTIFIED TRADER
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