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24 October 2013 | Free Daily Analysis | EURUSD : FULL PROFIT OFF DP BOUNCE



G’day Surfers –  Bulls Roaring but pullback required now.

Yesterday’s Report

 

EUR/USD didn’t quite pullback as far as we anticipated because Daily Pivot (DP) refused to yield and sent Price Action (PA) back to the High of the day. This was a purely technical move and a Secret Surfing The Pips Candle Pattern caught both the entry and exit perfectly. We’ve had to be patient this week but it paid off nicely, harvesting 36 pips from only a 52 pip Doji “crop” – understandable following the NFP skyrocket of Tuesday.

Technical Analysis

 

Daily Critical Zone 1.3815 (already tested today) appears the only obstacle between EUR/USD and our Monthly Trendline (see yesterday’s Brief), remembering that we are at a level EUR/USD hasn’t witnessed for 2 years. Not inconceivable to think it will take some effort to progress but everything remains very Bullish. DP has edged a little further away from Weekly and the need for substantial pullback increases.

The Day Ahead

As Bullish as my bias is – I really need PA to retrace to the Short end of the “runway” before it tries to re-launch. Classic NLNS (no long, no short) beginning to the day for me. Looking for Longs after pullback.

High Impact News – CET

9:00am EUR French Flash Manufacturing PMI
9:30am EUR German Flash Manufacturing PMI

 

2:30pm USD Trade Balance
4:00pm USD New Home Sales

Have a great end to the week everyone.

Geoff Pyne  
CERTIFIED TRADER
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