G’day Surfers – I got it wrong!!!

Yesterday’s Report

I gave the world’s traders the benefit of a small doubt and suggested they might keep EUR/USD in a Range during yesterday’s US Bank Holiday – but REALLY – 33 PIPS!!! It’s the smallest dailyrange I can recall for the cross but couldn’t be bothered researching the stat, to find out. Absolutely no market at all and no way to trade. I hope you recognised that this would be the case and kept the funds safe in the Bank.

Technical Analysis

Writing yesterday off as a bad joke, we find that Asia Session has broken the tiny range by bouncing off 1.33000 and hurtling straight past Daily Pivot, Weekly Pivot, DR- 1 & 2 before finding Resistance a few pips below DR-3 which has since been broken) This move would normally have me packing my Pip catching tackle into my kit bag and signing off for the day. Today’ a little different however, thanks to the tiny trading range of yesterday. Our Pivots are so close to each other as a consequence of the holiday, they are misleading. More important is the second break of our Resistance Trendline & the fact that I’m yet to see a meaningful lower High or Low, to confirm the Double Top (potential) reversal signal. I therefore have NO reason to change my Bullish sentiment. I remain “on notice” but am sticking with the trend for now. In the context of the recent tight range, the 70 pip rally through Asia session would suggest some consolidation is in order. There may be some traders who’d like to make up for yesterday’s “non-event” however so I’m not ruling out some action early on today.

The Day Ahead

For me to trade, that action will need to include a pullback to the Resistance Trendline where I’ll look for a potential bounce Long. An alternate Long entry may occur should Price Action consolidate further, producing another High, lower than today’s current high, thereby creating another potential Resistance Trendline to trade. To Short EUR/USD, I would need to see Friday’s low taken out, if not last weeks.

High Impact News

Trust your Tuesday is TERRIFIC.

Geoff Pyne  

CERTIFIED TRADER

G’day Surfers – I got it wrong!!!

Yesterday’s Report

I gave the world’s traders the benefit of a small doubt and suggested they might keep EUR/USD in a Range during yesterday’s US Bank Holiday – but REALLY – 33 PIPS!!! It’s the smallest dailyrange I can recall for the cross but couldn’t be bothered researching the stat, to find out. Absolutely no market at all and no way to trade. I hope you recognised that this would be the case and kept the funds safe in the Bank.

Technical Analysis

Writing yesterday off as a bad joke, we find that Asia Session has broken the tiny range by bouncing off 1.33000 and hurtling straight past Daily Pivot, Weekly Pivot, DR- 1 & 2 before finding Resistance a few pips below DR-3 which has since been broken) This move would normally have me packing my Pip catching tackle into my kit bag and signing off for the day. Today’ a little different however, thanks to the tiny trading range of yesterday. Our Pivots are so close to each other as a consequence of the holiday, they are misleading. More important is the second break of our Resistance Trendline & the fact that I’m yet to see a meaningful lower High or Low, to confirm the Double Top (potential) reversal signal. I therefore have NO reason to change my Bullish sentiment. I remain “on notice” but am sticking with the trend for now. In the context of the recent tight range, the 70 pip rally through Asia session would suggest some consolidation is in order. There may be some traders who’d like to make up for yesterday’s “non-event” however so I’m not ruling out some action early on today.

The Day Ahead

For me to trade, that action will need to include a pullback to the Resistance Trendline where I’ll look for a potential bounce Long. An alternate Long entry may occur should Price Action consolidate further, producing another High, lower than today’s current high, thereby creating another potential Resistance Trendline to trade. To Short EUR/USD, I would need to see Friday’s low taken out, if not last weeks.

High Impact News

Trust your Tuesday is TERRIFIC.

Geoff Pyne  

CERTIFIED TRADER