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24 June 2013 | Free Daily Analysis | EURUSD : OMINOUS EUR/USD CHART

Happy New Week Surfers – The 3 Black Sisters pointing South.

Yesterday’s Report

Friday saw a continuation of the EUR/USD slippery dip, making the latter half of the week a 300 pip sell off. That action completed a 50% retracement from the rally that began a month prior AND made more emphatic, the bounce off our 1.3450 Daily Critical Zone (DCZ). As usual, we were doing our Friday no trading pre-weekend routine.

Technical Analysis

The Daily Chart is dominated by three consecutive decisive Bearish Candles off Resistance – not an encouraging sign if you’re on the Bull’s Team. Daily Pivot has crossed Weekly to the South, providing us with a Mixed scenario, given Monthly lies further below. Our 1.3115 DCZ provided Support on Friday but is under attack once more. With Daily Pivot untested, I favour that to change but after that ?????

The Day Ahead

It’s this battle that should prove crucial today. If the DCZ holds, the Bulls may look to regain control – if not, the Three Black Sisters will have their way and EUR/USD could well be on its way back to 1.3030. I’m giving the Bulls my support today – they might need it!

High Impact News (C.E.T.)

10:00am EUR German Ifo Business Climate

Have a great Monday & week everyone.

Geoff Pyne  

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