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31 July 2014 | Free Forex Analysis | EURUSD : PROFITS FLOW / NOT ON EURO

DB 3107 H1
DB 3107 M30

G’day Surfers – Bungee Day with weak FOMC.

Yesterday’s Report

The recent Bearish Trend looked set to continue yesterday on the back of News from the States. Just as it looked likely to crash, EUR/USD rebounded to recover most of the lost ground. Again, our strategy spotted a Long setup but the DP test never came so flat we remained. Our GBP/JPY S&R trade from Tuesday is performing quite well however with TP1 banked and Stops sitting at entry.

Technical Analysis

 

PA has planted itself squarely on DP and looks as comfortable as a Lord as we begin NFP Eve. Indeed an interesting double test of DP has a slightly Bullish look about it. Add the News induced Triple Bottom from yesterday and things start to get interesting. Today is the final day of a (so far) 330 pip Monthly fall for EUR/USD – the biggest correction since January 2013. With NFP tomorrow, I’m expecting very little to change.

The Day Ahead

 

Unlike the previous three days this week, there appears at least the possibility that the selling has (for now) ended. Would like the Triple Bottom confirmed before entering Long however.
 
High Impact News
11:00am EUR CPI Flash Estimate y/y

 

2:30pm USD Unemployment Claims

Thrilling Thursday everyone.

Geoff Pyne  

CERTIFIED TRADER

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