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3rd June 2015 | Free Forex Analysis | EURUSD, the false breakdown.








Dear Surfer friends, Let’s take a look at the market.

How did it go yesterday?

Let’s refresh our minds; days ago we did not  trust the break-down from the macropattern, and not surprisingly, the price yesterday made a climb of nearly 300 pips. However, we do not operate due to the fact that the market is unbalanced and not reliable.

Technical analysis

Today the price is above the resistance level 1.1100 which is now acting as a perfect support. It will be very interesting to know what’s going to happen later on. The DP has not yet been tested and the triad DWM does not give us useful information for our purposes. We gotta be patient folks!

Plan the day

Although the price is biased towards the overbought, we need to pay special attention to both  the resistance trendline and the macro-pattern that we have mentioned above. On the other hand, we are pending the test of DP.  Keep an eye to the news from this afternoon.

Significant economic news

1:45pm    EUR        Minimum Bid Rate

2:15pm    USD    ADP Non-Farm Employment Change

2:30pm    EUR        ECB Press Conference

USD    Trade Balance

4:00pm    USD    ISM Non-Manufacturing PMI


SurfingThePips staff wishes you all a fruitful day.

Daniele Angellotti Certified Trader | SurfingThePips.com
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