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22 Mar 2013 | Free Daily Analysis | EURUSD : SEE SAW TILL CYPRUS SOLVED

G’day Surfers – YAWN!
Yesterday’s Report

Given the spattering of news from the get go yesterday, it was always going to be a tough assignment to bank some pips. We had a slight Bearish sentiment and thanks largely to bad PMI numbers out of France & Germany, the day certainly began in that fashion. When the news reactions settled, EUR/USD went straight back into consolidation, as the nervousness over Cyprus returned. We spotted a couple of opportunities to catch the breakout but it didn’t come so we didn’t enter. On a week like this was for EURO, 1 entry – 1 winner is perfectly acceptable so a nice restful weekend ahead.

Technical Analysis

The right shoulder is getting quite “heavy” but an inverted Head & Shoulders is evident on all Intraday Charts. Once again, the Cypriot fundamental issue
counters that potential reversal pattern to some degree.

The Day Ahead

It’s Friday anyway so the market can do as it pleases (isn’t that magnanimous of me) but the Cyprus situation is very restrictive – let’s hope for all concerned (not just we traders) that a good solution is found soon. Easy for me to offer this today, sitting at my desk secure in the knowledge that my bank account isn’t frozen or under threat of attracting levies. It’s probably a little lame for those who are – but it’s definitely worth considering:

My friends, love is better than anger. Hope is better than fear. Optimism is better than despair. So let us be loving, hopeful and optimistic. And we’ll change the world.
Jack Layton.

Have a great weekend everyone.

Geoff Pyne  

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