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7 AUG 2012 | Free Daily Analysis | EURUSD : BULLISH PENNANT

G’day Surfers,
Yesterday’s Report
As expected, no price action yesterday and boring lateral, consolidation all day long. The proof is that as I wrote now price is at the same exact level of yesterday Daily Brief. No market, no trades.
Technical Analysis

The inverted Head & Shoulder formed friday is still intact and now D-P has crossed W-P up. First attempt to start a bullish trend. We have today a clear resistance trendline (red dotted) very close to the price right now. That is our HotSpot of the day. Second one is at support (green dotted line) close to Daily Critical Zone 1,2334. As said yesterday during the Live Room, they are forming a sort of pennant on M30 & H1 chart. This is a typical continuation pattern. That’s why we’ll try to buy some Euros if some SurfingThePips secret pattern will appear on the chart. To go short above support (green dotted line) is dangerous.

The Day Ahead

No RED news today, that means every candle should be the good one. Play of the London session: try to find an entry long above the pennant.
Enjoy your trading day.

Geoff Pyne | Certified SurfingThePips.com Trader

 

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