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22 July 2013 | Free Daily Analysis | EURUSD : MIXED UP MONDAY

Happy New week Surfers.

Yesterday’s Report

A 64 pip roller coaster ride centred around Daily Pivot (DP) would adequately describe the Friday EUR/USD market. The cross appreciated 36 pips on a day I’m pleased not to have traded. Of note however, was the double bounce off DP.

Technical Analysis

That bounce appears to have been sustained with DR-1 receiving an early test as Asia began trading this morning. DP & MP are once again locked together but the new week has failed (barely) to find WP joining its counterparts. Therefore, the situation is still mixed. The Bullish look of Higher Hi’s & Lo’s (forming an Ascending Triangle #1) looks set to meet the Bearish Double Top #2 from last week. The DP/MP combo is untested below PA thereby providing us with a Short Term Bearish target. Fibo fans will be even more Bearish than that!

The Day Ahead

I fancy last week’s High as the real “Tester” today and wouldn’t be surprised to see PA bounce between that level (1.3175) and DP. If we get the opportunity – a test of DP followed by a break of the Highs would be a nice start to the week.

High Impact News

4:00pm USD Existing Home Sales

Magic Monday everyone.

Geoff Pyne  
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