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Happy New Week Surfers – bouncy, bouncy??

*Yesterday’s Report*

Only the third positive of the last ten trading days occurred on Friday
largely I suspect, as a result of the news that China’s economy ISN’T
grinding to a sudden halt.
Mixed PPI numbers out of the States contributed also. At day’s end, EURO
had appreciated less than 40 pips but it’s where the turnaround occurred
that’s attracted my attention.


*Technical Analysis*

Modest as it was, the EURO bounced beautifully on our long term S/R
Trendline @ 1.2174. Also of significance is the formation of a double
bottom on ALL intraday timeframes AND the re-entry of Price Action, above
our long term Trendline. I will be watching for a re-test of that line from
above to confirm a false breakout. I can see (for the first time in recent
weeks) good evidence to suggest a reversal is on – this re-test could be
the final piece of the Bullish picture puzzle. We must of course be very
well aware of the Super Bearish Trend in which we still find this cross AND
that Daily Pivot lies untested to the South AND our Pivots are in perfect
Bearish order. With old sparring partners Daily & Weekly Pivots now in the
same County, we are back in the game.


*The Day Ahead*

There’s a lot to like Technically this Monday and I sense a certain
bouyancy about the place. I can absolutely see a test of Daily Pivot which
would coincide with a re-test of our long term trendline. Should that line
provide the support it has in the past, EURO may find itself headed in the
right direction – do you think it can remember the way?? I am looking for
opportunities to trade that scenario and it could come as a false breakout
of the intraday Support Trendline if/when Price Action reaches for the sky.
If the False Breakout theory proves….well, false…… it’s probably bye
bye EURO – AGAIN!!Have a good one,

Geoff Pyne | Certified Trader


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