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24 AUG 2012 | Free Daily Analysis | EURUSD : ARE WE THERE YET??

G’day Surfers –  Q: are we witnessing the EURO renaissance?

Yesterday’s Report

It would be fair to say that yesterday saw a slowing of the Bull run EURO has experienced this week yet, the 36 pip gain in EUR/USD is perhaps the candle atop a nicely layered cake. Providing today doesn’t spoil the party, this week’s 200 pip positive movement has only 3 peers since last Christmas. Significant – may have to consult Santa……..stay tuned! There was no market for us so no trades were contemplated. Week’s end sees us +70 on Swing & Relax and officially +19 on M30 ( Pssst – some of us snuck a bit more in the kitty)

Technical Analysis

Our medium term target at 1.26777 is in sharper focus than it was this time last week, thanks to the continuing influence of the inverted H/S on D1 & H4 Charts. Certainly Price Action has rejuvenated since the month long battle with massive resistance formed by our long term Trend Line/Critical Zone confluence was won, on Tuesday. The resistance Trend Line currently engaging Price Action is the only hurdle to overcome, before the bespoke target is realised. I won’t be displeased if this little battle rages until Monday!!

The Day Ahead

Well, the Australian Rugby League season has reached the pointy end so it’s likely hotdogs and beer in front of the box for me. I hope you find something about which you are passionate, to enjoy away from the charts for the weekend. Tell someone you love them and take care. My weekend offering this week is for those who have worked their butts off preparing for the 2 day break:

Only Robinson Crusoe had everything done by Friday.  ~Author Unknown

Enjoy everyone

Geoff Pyne | Certified SurfingThePips.com Trader


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