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10 September 2013 | Free Daily Analysis | EURUSD : BUY, BUY NOT BYE, BYE


G’day Surfers – BOUNCE, it did.

Yesterday’s Report

 

Somewhat prior to my expectations, EUR/USD answered yesterday’s “Bounce or Bye Bye” question with some spirited buying on a very positive day for the cross. Attempting to catch a Short to accommodate a Daily Pivot (DP) test, I was left with no entry and a sore neck, watching Price Action (PA) zoom to DR-1 & beyond. Big move for a Monday!

Technical Analysis

 

The bounce off Daily Critical Zone 1.3115 dutifully ceased just 5 pips adrift of our next DCZ (1.3285). Daily Chart shows a substantial false break of our former Support Trendline #1 which now pleads with PA to re-test it. The confluence with an untested DP at this level, should attract PA like a Bear to a honey pot. Pivots are mixed but I suspect the Bulls might see an opening if the Bears succumb to the sweet temptations below.

The Day Ahead

 

I’m looking to trade a pullback to DP, before seeking Long entries. Hotspots are lacking however so PA needs to deliver Trendlines, prior to entry.

High Impact News

 

Zero


Terrific Tuesday all
Geoff Pyne  
CERTIFIED TRADER

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