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29 January 2014 | Free Daily Analysis | EURUSD : BERNANKE FAREWELL STALLS MARKET

DB 2901 H1
DB 2901 H4

G’day Surfers – DOJI Day #2.

Yesterday’s Report

Another range bound, see sawing day resulted in EUR/USD closing a mere 2 pips lower, than it opened. UK ‘action’ was restricted to selling whilst we spotted opportunities Long. Two Intraday orders were ignored by Price Action and our Swing & Relax order still awaits triggering. US Session reversed the earlier buying – hence the doji result. Boring!

Technical Analysis

 

If you were expecting a change, forget it! PA has already tested DP twice, the Pivot order is mixed, Lower Hi’s & Lo’s dominate intraday and we have a nice Bullish Flag Pattern #1. In other words, the scenario remains mixed and a little confusing. The Fed Statement due tonight is most likely the cause of the uncertainty we are experiencing so maybe we move tonight?

The Day Ahead

 

Once again, tough to call direction wise and I’ll be looking to PA for clues. A couple of strong Trendlines are converging as PA reaches the ‘pointy end’ of the Pennant #2. A break is imminent.

High Impact News

8:00pm USD FOMC Statement

Waiting, Waiting Wednesday everyone.

Geoff Pyne  
CERTIFIED TRADER
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