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22 May 2013 | Free Daily Analysis | EURUSD : BORING BUT REVEALING

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
I’ve been expecting to break Short, continues to grow but there’s now evidence of a reversal in an inverted Head & Shoulders.
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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