G’day Surfers – Retracing or retiring?

Yesterday’s Report

Price Action again tested our 1.29088 Support yesterday, broke it and then tip toed along it for some hours, before a small rally saw EUR/USD end the day at 1.2930, sitting safely (for now) above the Support. With no test of Daily Pivot yesterday, Price Action moved without us and no trades were contemplated as consolidation set in.

Technical Analysis

EUR/USD is once again at a crucial level. A break below this strong 1.29088 could well see a crash towards 1.26777, the nearest major level of Support. So in very similar circumstances to yesterday, all eyes are on the level that which Price Action again broke in the last hour – 1.29088. Our Pivots are mixed with Daily receiving a lot of attention today, wriggling it’s way between Weekly & Monthly as this pullback gains momentum.

The Day Ahead

Still guessing really, as to this sell off being pullback or back to the basement. Maybe Draghi (due to speak today) can halt the slide & restore right of passage to the Bulls?? We have a couple of nice Trendlines to play with today so whichever direction they choose, we have a shot at being in the game. Yesterday we had an untested Daily Pivot to give us sentiment but today – the much tested pilot is giving us precious little assistance. It’s a case of simply waiting for Price Action to come to us and presenting a nice signal so that’s what we’ll do.

High Impact News

Trust yours is a brilliant day.

Geoff Pyne | Certified SurfingThePips.com Trader