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23 April 2013 | Free Daily Analysis | EURUSD : YO YO IN TIGHT RANGE

G’day Surfers – no change, still in range.

Yesterday’s Report

Down 67 pips, including a brief visit outside the Daily Critical Zone (DCZ) Range, then up 53pips is how yet another sideways day for EUR/USD played out. We spotted two trading opportunities – the first looking to trade back toward the 1.3115 side of the DCZ. That’s when Price Action sought to breakout in the opposite direction but again Support was found at 1.3030. Our second a Swing & Relax Long Order, is yet to be triggered.

Technical Analysis

Another day, another guess as to when the current range will break. Clues today come in the failure of the Bearish Flag #1 breakout, to produce a substantial move. This indicates to me, that there might well be sufficient buyers of EUR/USD, to re-test 1.3115 yet again. My belief is that the previous two Daily Candles tell it all.

Pivots are still mixed, Daily is tested so no help there. Head & Shoulders & inverted H/S are popping up everywhere as well! We do have some nice Hotspots though.

The Day Ahead

As consolidation becomes congestion on smaller time frames, we should see a break today, if only our “inner” trendlines. I’m a fraction Bullish biased on the back of the 1/2 break of the Flag and the Support 1.3030 continues to offer but I’ll continue to trade small stakes until the market regains direction.

High Impact News

9:00am EUR French Flash Manufacturing PMI
9:30am EUR German Flash Manufacturing PMI
4:00pm USD New Home Sales

Breakout Tuesday? We’ll see – enjoy it.

Geoff Pyne  

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