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24 April 2013 | Free Daily Analysis | EURUSD : NEWS MAKES MOVES

G’day Surfers – Range broken…….True/False?

Yesterday’s Report

First up High Impact News set the market alight yesterday as firstly good news was released from France & 50 pips were scaled rapidly. Then, in the twinkling of an eye, the 50 pips were obliterated just prior to the German news, a further 50 disintegrating thereafter. Huge volatility which claimed our Swing & Relax Trade in a heartbeat. When the market settled, we spotted an opportunity to trade the necessary pullback and took full profit with a near perfect exit. At the end of the day – the Daily Critical Zone (DCZ) Range had been broken and almost re-tested.

Technical Analysis

The former Resistance Trendline #1 has once again provided Support whilst the market bounces between a maze of Support & Resistance. Our Pivots are maintaining their Mixed stance as the untested Daily follows Price Action (PA) below the crucial 1.3030 DCZ and despite the Bearish aura surrounding EUR/USD, I agree the scenario is inconclusive. Lower Hi’s & Lo’s are evident and if PA can’t find it’s way back above 1.3030 a trend may have begun.

The Day Ahead

I simply can’t be convinced that EUR/USD is trending and remain ambivalent toward the market. I will continue to risk small amounts until I am convinced but at least I’m free to trade in either direction! Hotspots & setups – it’s always the same.

High Impact News

10:00am EUR German Ifo Business Climate
2:30pm USD Core Durable Goods Orders m/m

Wonderful Wednesday all.

Geoff Pyne  

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