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21 June 2013 | Free Daily Analysis | EURUSD : SOUTHERLY DRIFT CONTINUES

G’day Surfers – welcome to the weekend.

Yesterday’s Report

EUR/USD spent much of yesterday heading South partly I suspect, as continued reaction to the Fed’s (no change) announcement the day before. Not until DS-2 @ 1.3160 was Support found and consolidation began. Daily Pivot (DP) remained untested, with the market making no attempt to rectify that situation. Given the high probability associated with a DP test, we were looking for Price Action to head in that direction – it didn’t eventuate so we stayed flat. Four entries this week for an early winner, two very small losses and a break even trade. On balance, a small positive outcome due to our Risk Management keeping the losses very small.

Technical Analysis

With the weeks News events behind us, it would be nice if the market settles into a Technical sequence so we can mount an assault come Monday.

The Day Ahead

Still renovating at my place – this week its PAINTING – mmmm, how long before the market re-opens???

Old houses mended,
Cost little less than new before they’re ended.
~Colley Cibber

A man builds a fine house; and now he has a master, and a task for life:  he is to furnish, watch, show it, and keep it in repair, the rest of his days.  ~Ralph Waldo Emerson

Anyone would think there’s some better way to spend the weekend – hope you find one! Enjoy.

Geoff Pyne  

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