G’day Surfers – apologies for the missing screen captures – a software issue cannot be repaired so there are some images not transmitting.
Yesterday’s Report
Boring? yes. Tough to trade?, certainly. Yo-yoing, you bet. Revealing, quite possibly. EUR/USD inched it’s way below Daily Pivot (DP) yesterday, taking out a couple of Lows as it went. Support was found around 1.2840 and the buying we were looking to join twice, earlier in the day, finally came. The result – Price Action (PA) once again criss-crossed our Long Term Support Trendline http://clip2net.com/s/56lQHX , closing above Daily Critical Zone 1.2909. No entries for us in choppy conditions.
Technical Analysis
The Bearish Continuation Flag
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I’ve been expecting to break Short, continues to grow but there’s now evidence of a reversal in an inverted Head & Shoulders.
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With Daily Pivot crossing Weekly to the North BUT untested to the South of PA, we have mixed signals aplenty. For this reason, I am unbiased going into today’s trading. A test of DP is the most likely scenario and there awaits a massive confluence area – could be a launch pad!
The Day Ahead
I’m keen to trade the likely test of DP and have a provisional Resistance Trendline available to play it. That will be Plan A but the most interesting Hotspot of the day lies just below DP at the confluence of many levels – if PA makes it there – a firm direction might well be found.
High Impact News – CET
| 4:00pm | USD | Existing Home Sales |
| USD | Fed Chairman Bernanke Testifies |
| 8:00pm | USD | FOMC Meeting Minutes |
Wonderful Wednesday to you.![]()
Geoff Pyne
CERTIFIED TRADER
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