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24 OCT 2012 | Free Daily Analysis | EURUSD : EURO FRIENDLESS BUT TRENDLESS

 

G’day Surfers, strong move but is it a new trend??

Yesterday’s Report

Price Action totally ignored my Play of the Day yesterday, as well as quite a few Support Levels including Daily & Weekly Pivots, DS-1 & 2 and our long time favourite, 1.3033. The absolute gushing of EURO over the waterfall saw 124 pips plunge into the catching pond below, @ 1.2950. One piece of our analysis that price action didn’t disrespect yesterday, was the Bearish continuation flag – the break of which proved decisive and continue the fall, it did. Our only potential trade was a Long S&R on GBP/JPY but triggered, it was not.

Technical Analysis

On a day where Fundamentals are likely to rule the waves, we find EUR/USD in no man’s land, between our perennial favourite levels 1.3033 to the North & 1.2908, Southside. Daily Pivot – unable to sustain the downward pressure further, has crossed Weekly to the Short side yet their close proximity to each other, should prove totally alluring to Price Action. Problem is, so too will the confluence of 1.2908 and our long term Support Trendline. In other words – signals are totally mixed and a clear direction……..ISN’T! Price Action will be my guide and will hopefully make a statement at my Support or Resistance Trendlines

The Day Ahead

As above, I’m struggling for direction. With a truck load of announcements to contend with, I will be a spectator early today. I do have a couple of Hotspots and hopefully, they’ll contain Price Action until the plethora of early news has finished creating it’s havoc. Right now, it’s 50/50 for me and I need better than that to spring into action. Things may be a little clearer post news – no rush!

High Impact News

 

9:00am EUR French Flash Manufacturing PMI
9:30am EUR
German Flash Manufacturing PMI
10:00am EUR German Ifo Business Climate
1:45pm EUR
ECB President Draghi Speaks
4:00pm EUR ECB President Draghi Speaks
4:00pm USD
New Home Sales
8:15pm USD FOMC Statement

Hope the day is kind to you.

Davide Franceschini | Chief Trader and Founder at SurfingThePips.com

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