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23 May 2013 | Free Daily Analysis | EURUSD : RAINING PIPS IN “PERFECT STORM”

G’day Surfers – what a ride!

Yesterday’s Report

It took a while to play out but the mixed nature of yesterday’s market manifested in a buying surge followed by the expected sell off to Daily/Weekly Pivot & beyond. An early opportunity to enter Short was ignored. We were patient and awaited a second Secret Surfing The Pips Candle Pattern at our Hotspot. That signal provided us a Free Trade, leading into a news announcement. The Long entry went to target just prior to the announcement but those wishing to take advantage of a potential “boost” provided by appropriate news, gained further pips. The selloff was in immediate response to the News surge & untradeable. Our Swing & Relax Strategy was in action Long on GBP/JPY, earlier in the day. That produced a TP1 but news intervened (this time adversely) and a Break Even trade was the result.

Technical Analysis

The Inverted Head & Shoulders http://clip2net.com/s/56IBuywe spotted yesterday has now been violated so the expectation is for further downside. Yesterday’s High has kept Daily Pivot (DP) above Weekly, maintaining a “Pivotal Mixup” however. DP sitting above PA untested would suggest pullback will occur prior to further falls.

The Day Ahead

I would like to see a pullback & re-test of the big former Support level #1 prior to seeking a Short entry. Should that re-test provide a bounce, it will mean NO test of DP today – mmmm, interesting. Early High Impact news should provide some clarity.

High Impact News

9:00am EUR French Flash Manufacturing PMI
9:30am EUR German Flash Manufacturing PMI
2:30pm USD Unemployment Claims
4.00pm USD New Home Sales
9:30pm EUR ECB President Draghi Speaks
Trust Thursday is Thoroughly rewarding for you.
Geoff Pyne  

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