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30 April 2013 | Free Daily Analysis | EURUSD : KNOCK, KNOCKING ON 1.3115’s DOOR

G’day Surfers – they’ve tried the Bottom…… for the Top!

Yesterday’s Report

We anticipated EUR/USD breaking the Continuation Flag to the North yesterday and were hopeful for a second test of Daily Pivot (DP) to facilitate an entry. No such opportunity arrived, the break occurring early into the session, without warning. Not surprisingly, the top of our much talked about Daily Critical Zone (DCZ) Range (1.3030 – 1.3115) provided enough Resistance to halt the rally and ensure Price Action (PA) didn’t escape. No entries for us.

Technical Analysis

Late Asia Session buying sees PA again testing 1.3115 and squeezing past yesterday’s High. With our Pivots now confirmed Bullish that may be the pre-cursor to the day ahead. Certainly, if the 1.3128 Right Shoulder #1 doesn’t hold, some aggressive buying could ensue. With DP untested below PA I again, would like to see a pullback prior to finding an entry however.

The Day Ahead

My “provisional” Resistance Trendlines/Hotspots #2 may well coincide with 1.3128 so I’d expect some fireworks there. With my Bullishness gaining momentum – I will prefer Long entries but with DP untested, I will entertain a Short to accommodate a test.
High Impact News – CET
4:00pm USD CB Consumer Confidence

Enjoy the final day of April everyone.

Geoff Pyne  

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