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30 July 2014 | Free Forex Analysis | EURUSD : LAVA FLOW CONTINUES

DB 3007 H4
DB 3007 M30

G’day Surfers – expectations become untradeable reality.

Yesterday’s Report

 

Blind Freddy could had a pretty good view of the Bearish “flavour” of yesterday’s market but only Hobbits were invited to party. We found an entry to catch the pre-sale runup in the day’s largest H1 candle (11pips) and duly found a TP1. PA immediately compressed before producing the ONLY candle of the day that exceeded 11pips. That 22 pip candle was the day’s one and only decisive movement and it came without warning. BE was the day’s result. A Swing & Relax order Long on GBP/JPY is yet to trigger.

Technical Analysis

 

Still the momentum is Bearish (albeit very slow momentum). In the absence of pre-Fed Statement positioning, I would expect PA to be happy with the current slow pace. The FOMC Statement due this evening is a perpetual PA thief and we could be in for more of the same. An untested DP always adds interest however so my focus will still be very much on our Hotspot – yes it’s solo today. There’s potential for a double bottom to form as well!

The Day Ahead

 

Again waiting for some size/liquidity to return. Have to be Short biased but the DP test might just be the play.

High Impact News – CET

All Day EUR German Prelim CPI m/m
2:15pm USD ADP Non-Farm Employment Change
2:30pm USD Advance GDP q/q
8:00pm USD FOMC Statement

Wonderful Wednesday all.

Geoff Pyne  

CERTIFIED TRADER

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