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31 OCT 2012 | Free Daily Analysis | EURUSD : LEG 2 OF TRIPLE CROWN?

 

G’day Surfers, we’re off to the races today.

Yesterday’s Report

Support for EUR/USD finally arrived yesterday with some spirited buying late in Asia Session – followed up by a continued rally through London & early NY, before coming off the 1.2984 high. The market was surprisingly active through NY Session despite the tragedies unfolding in the Big Apple. Price Action failed to meet us on our terms so we stayed flat. To all our friends on North America & Canada’s East Coast go our thoughts and hopes for safety & a speedy recovery period.

Technical Analysis

A day of consolidation during today’s Asia session is a good lead up for us this morning. Price Action has broken the Resistance Trendline originating from this month’s high and is now poised to re-test both it and the untested Daily Pivot. At this stage, I’ve managed to corral Price Action, whose escape is anticipated keenly. My Hotspots have come from good stock so I would expect them to be winners, in particular the resistance Trendline – it looks a picture in the “Birdcage Enclosure”. With Pivots preferring the “Each-way” signal still, it’s a little difficult to spot the winning post but the pennant forming would suggest further galloping to the high side. The untested Daily Pivot may require Price Action to endure a pre-start inspection so I’m favouring a dip to DP prior to the main event.

The Day Ahead

I’m optimistic that EUR/USD can add a second leg to this bounce so I’ll predominantly be looking for longs at my Hotspots. Well aware of Daily Pivots needs however, I will be cautious whilst they are unmet. No earth shattering announcements today but a good sprinkling of medium impact news might keep things humming along. Tough to trade NFP Thursday & impossible to trade NFP Friday, today may well be “moving day” so like good old Baden Powell we must “Be Prepared” – I AM.

High Impact News

Practicing for tomorrow/Friday

Wishing you a wonderful Wednesday.

Davide Franceschini | Chief Trader and Founder at SurfingThePips.com

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