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6 AUG 2012 | Free Daily Analysis | EURUSD : INVERTED HEAD & SHOULDER

G’day Surfers,
spaghetti english Brief is back ;)
Hope you’ll have good time Team.Yesterday’s ReportFriday was a violent day. Like every friday you got two chances. Range market or one way market. Check the past for confirmation. It’s alway like that.
First option means that you will see market in a small range, not trending. Typical useless situation for a trader. Second option you’ll see market go faster, without pullbacks or particular patterns, in a single direction.
That what happened last friday. A NFP day, by the way.
Very good news from the US has pushed the Wall Street, all the indexes and the Euro (typical correlation) to the starts.
We of course don’t trade during fridays. We don’t need earthquakes to do pips. We were in profit for the week, we were happy to watch the show. Relaxed.Technical Analysis

Pretty easy huh? Watch the pictures: inverted Head & Shoulder is there. The two shoulders bouncing exactly above our Daily Critical Zone at 1.2174 area. So if I ever had to do coming out (…means name a trend :)  ) I would say bulls. You know, I don’t necessary need a sentiment to trade, but this time, this clean price pattern scream to me. Market wants to bounce. It’s trying at least. Pivots are still mixed and D-P and W-P nicely married. We know that normally, when they are so close, they tends to act as magnets.The Day Ahead

3:00pm USD
Fed Chairman Bernanke Speaks

All the 3 pivots are below the Price Action right now. This means I’m not buying at this level. I want to see a decent pullback before considering entering the market. It is also very very difficult to trace any trendline at this stage. Everything is so stretched. We are so far away from any decent (means good angle) trendline. For me this is time to wait for some consolidation and let the market be more technical. Expect some fireworks at 3:00 pm C.E.T. Time during Bernanke show.

Enjoy your trading day.

Geoff Pyne | Certified Trader


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