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29 OCT 2012 | Free Daily Analysis | EURUSD : STEADY AS SHE GOES

 

Happy New Week Surfers,

Yesterday’s ReportI’m certainly not surprised by Friday being a perfect doji day. After three consecutive negative days, EUR/USD basically needed to take stock. It being a Friday – no trading for us of course.

Technical Analysis

To my mind, Friday’s indecision displays precisely where the market sees itself. This may sound a little optimistic given EUR/USD lost consistent ground last week but as we look for direction this Monday morning, Price Action sits just above a major confluence. Good old 1.29088 has combined with our long term Surpport Trendline, to provide a substantial barrier for the Bears. Certainly, Price Action pierced the Support but has been unable to sustain the momentum of the previous few days. Our Pivots appear to be helping us little, remaining in a Mixed Pattern. Help us they do however, by warning against drawing conclusions, based on recent Price Action which in their opinion – is non conclusive in terms of direction. EUR/USD has traded above our Support Trendline for the past 4 months and will face a stern test this week. For now, I have trust in the integrity of that Support and I can see EURO bouncing a little from here. Daily & weekly Pivots are magnetic to the North, with daily yet to receive it’s usual visit from Price Action.

The Day Ahead

I see the potential for some push/pull forPrice Action today as the combined support will tend to push it away and the combined magnetic force of Daily/Weekly Pivot, pulls it nearer. I have a Bullish bias for this reason but on NFP week Monday, some patience may well be required.

High Impact News

Later in the week.

Magic Monday to you all.

Davide Franceschini | Chief Trader and Founder at SurfingThePips.com

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