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24 February 2014 | Free Daily Analysis | EURUSD : 1.3700 HOLDING

DB2402 M30
DB2402 H4

Happy New Week Surfers.

Yesterday’s Report

 

EUR/USD staged a reasonable recovery from Thursday’s sell off and looked full of steam when it burst through DP and headed for the week’s High on Friday. Sellers stepped back in however and tempered the Bull’s roar. The day closed up 20 pips as the cross struggled to shake off 1.3700.

Technical Analysis

 

DP has snuck below WP, upsetting the Bullish formation but I suspect this might be a temporary situation. I like that no H4 candle has closed below 1.3700 since it was broken last Tuesday, despite many tests. Intraday charts are mixed with Lower Highs & Higher Lows so today’s direction is not clear. Early news might lead the way.

The Day Ahead

My sentiment is Bullish so favouring Longs. A couple of well tested Hotspots await PA so I’m looking forward to a setup to get things moving. It is Monday however – we’ll see who turns up for work.

High Impact News

9:00am EUR German Ifo Business Climate

May your Monday be Magic.

Geoff Pyne  

CERTIFIED TRADER 

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