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30 July 2013 | Free Daily Analysis | EURUSD : RESISTANCE TESTS CONTINUE

G’day Surfers – still no break!

Yesterday’s Report

We were looking for a pullback from 1.3285/Resistance Trendline prior to a further attack on that level and that’s pretty much what we got. An early secret Surfing The Pips Candle Pattern alerted us to the pending assault and we entered Long. After a concerted effort, Price Action delivered our TP1 but failed to sustain the rally and reversed 55 pips (the Day’s Range). Trade one for the week – Break Even.

Technical Analysis

The big question today is: has PA retraced enough to launch a “Successful” raid on the much tested 1.3285/Resistance Trendline confluence. Certainly our Pivots are beautifully poised to support the case for the Bulls and although biased Long, I’m not totally convinced. The main reason, is a Bearish flagappearance, suggesting further pullback. Throw in the potential for NFP week to be one of consolidation and there’s more than a hint of “each way” about my sentiment. As always, PA will guide me, when it reaches my Hotspots.

The Day Ahead

A quick reminder that due to unforeseen circumstances our live Trading Room will not be open today. Signal service will operate normally however and I’ll be looking for Longs but ready to accept more pullback at small stake, counter trend.

High Impact News

4:00pm USD CB Consumer Confidence

Tip Top Tuesday everyone.

Geoff Pyne  

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