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29 August 2013 | Free Daily Analysis | EURUSD : PROFITS GROW AS EUR DIVES


G’day Surfers – FREE Trading again!

Yesterdays’s Report

 

We were looking for Price Action (PA) to pullback from our 1.3390 Daily Critical Zone (DCZ) and that’s precisely what happened. The second part of our expectation (crashing back through the DCZ, is on hold however, as the “pullback” looks to continue. Good news is we are Free Trading this extension of the break South, well in profit at this moment, almost at target.

Technical Analysis

 

Still no Lower Hi on Daily Chart so the only change to early in the week, is that PA is beginning to test and break Support levels, as it falls. Next major support is our 1.3285 DCZ which has a nice confluence with our next Support Trendline so this could be the Hotspot of the day. Pivots remain mixed as does my sentiment. The hint of a Descending Triangle #1 is there but I’m still looking for DCZ 1.3390 to go however and the “runup” seems substantial enough now!

The Day Ahead

 

If the major Hotspot can produce an entry signal, I’m keen to trade it and I really don’t mind if it’s Long OR Short. We will have banked TP2 by then so no pressure!

High Impact News
2:30pm

USD Prelim GDP q/q
USD Unemployment Claims

Have a GREAT Day.

Geoff Pyne  
CERTIFIED TRADER

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