one + = 2



Forgot your password ?

24 July 2014 | Free Forex Analysis | EURUSD : EUR/USD FREEZES, BELOW 20.

DB 2407 H4
DB 2407 M30

G’day Surfers – Usual suspects deliver….absolutely NOTHING!

Yesterday’s Report

 

If Tuesday’s 70 pip range was supposed to kick start EUR/USD, someone forgot to tell the market! My memory isn’t as sharp as I would like it to be but I can’t remember in my 8yrs of trading, another day (Bank Holidays aside – but even then) when EUR/USD failed to trade outside a 20 pip range. Yesterday’s 19 pipper redefines the term consolidation and makes trading a complete waste of time. Needless to say, our Short order failed to trigger and we remain entry free.

Technical Analysis

 

Frankfurt opened this morning with intent. First move was Short and yesterday’s range was eclipsed in seconds. Significantly perhaps, as it broke the Descending Triangle continuation pattern. DP came to meet yesterday’s NO market but remains untested, out front of the Bearish formation. Recent history would suggest the 88 pip gap between DP & WP represents an oversold market but without a reversal pattern, it’s very difficult to be Long biased. Lots of news starting early so mid morning should be best trading.

The Day Ahead

 

One “peck on the cheek” in three days seems insufficient stimulus for DP so again it will be my favoured play, setup allowing. As above, it’s tough to think Long, (news pending) after that.

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

Have a great day everyone.

Geoff Pyne  

CERTIFIED TRADER

Did you enjoy this article?
Share the Love
Get Free Updates

Tags:

No comments yet.

Leave a Reply


+ 2 = eight