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22 August 2013 | Free Daily Analysis | EURUSD : PROFITABLE PULLBACK


G’day Surfers – we did it again!

Yesterday’s Report

That “sneaky” Short we mentioned yesterday was the ONLY setup on a choppy day for EUR/USD. Price Action (PA) wedged itself between our S/R Trendlines, produced a perfect Buy OR Sell opportunity which we took and banked both profits. The release later in the Day of the Fed’s latest Minutes, produced a whipsaw before the market settled at our Support Trendline #1.

Technical Analysis

That Support Trendline has been home to PA for the duration of Asia Session – midway between an untested Daily Pivot (DP) to the North & Weekly to the South. The Bullish formation is intact and the re-test of former Resistance Trendline #2, complete. With no sign of a reversal pattern in the Chart, I too remain Bullish and the main question for me is: “has the retracement ended yet”?

The Day Ahead

The scene is set then, for the Bullish Trend to continue post retracement and finding an entry to join that, is Plan A. Perhaps a false break of PA’s current “home” will afford us the opportunity but early news may pull things out of shape a little. I’m hoping it’s just a “little”.

High Impact News – C.E.T.

 

9:00am EUR French Flash Manufacturing PMI
9:30am EUR German Flash Manufacturing PMI

2.30pm

USD Unemployment Claims

Have a great Thursday all.

Geoff Pyne  
CERTIFIED TRADER

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