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26 August 2014 | Free Forex Analysis | EURUSD : EUR/USD OVERSOLD?

DB 2608 H4
DB 2608 M30

G’day Surfers – back to work time.

Yesterday’s Report

 

As London Bank Holiday’s go, a 26 pip doji day is about par for the course. On that basis, yesterday was square with the card on EUR/USD and 1.3200 the popular ‘score’. No trading for us.

Technical Analysis

 

Our charts have a few noteworthy features not least being an open gap above PA, the aforementioned psychological number 1.3200 and a second gap. This is the one between WP and DP which is now out to 90 pips. Historically, 90 pips is no big deal but of late, it’s a definite warning of an oversold market (only 4 times in 2014 has the DP/WP gap been this big – last week being 1). These factors combined lead me to conclude that the market may be content at or above 1.3200 for the time being.

The Day Ahead

 

It is tough to be thinking Long against this continued Bearish momentum but I am willing to consider it, should a nice setup present.

High Impact News – CET

2:30pm
USD Core Durable Goods Orders m/m
4:00pm USD CB Consumer Confidence

Terrific Tuesday everyone.

Geoff Pyne  

CERTIFIED TRADER

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