Hello all,
hope you are having a great weekend. Here in Italy it's cloudy so...good time for a hot chocolate, relax and a view on the Euro FX currency futures valid for next Monday March 11th...
The Euro FX futures is still in measured moves lower on the daily chart. The last setup had resistance and short entry around the 1.3170 level with a stop above 1.3205 which was never hit. The first target in the 1.2950 area was only hit yesterday. Those who though the BCE rally was the start of the move higher of the Euro were mistaken.
http://www.forexfactory.com/attachme...1&d=1362841948
If we consider the 1.2950 first target hit on Friday we have two possibilities now. At the beginning of the week we could rally into the 1.3040 area (or even higher breaking the 1.3065) level and then come back into the 1.2900 support; or,price could just keep moving lower into the 1.2900 area of support. Hereunder are the two scenarios:
Scenario 1. Price does not trade the next traditional short at the 1.3040 area, but just keeps moving lower into the 1.2900 area of support. We could witness participation in the 1.2900 from professionals and Program Trading.
Scenario 2. If the Euro gets a bid on Monday price could move higher into the 1.3040 area or above and then resume the move lower into the 1.2900 area. In the 1.2900 area or slightly below it we could witness participation from professionals and Program Trading.
As usual I am interested in your views and, if I don't see your replies please remind them to me with a PM (sometimes I jump over answers, sorry for that).
Thank you.
PS: the related video analysis will be on my blog shortly.
Cheers
G.
hope you are having a great weekend. Here in Italy it's cloudy so...good time for a hot chocolate, relax and a view on the Euro FX currency futures valid for next Monday March 11th...
The Euro FX futures is still in measured moves lower on the daily chart. The last setup had resistance and short entry around the 1.3170 level with a stop above 1.3205 which was never hit. The first target in the 1.2950 area was only hit yesterday. Those who though the BCE rally was the start of the move higher of the Euro were mistaken.
http://www.forexfactory.com/attachme...1&d=1362841948
If we consider the 1.2950 first target hit on Friday we have two possibilities now. At the beginning of the week we could rally into the 1.3040 area (or even higher breaking the 1.3065) level and then come back into the 1.2900 support; or,price could just keep moving lower into the 1.2900 area of support. Hereunder are the two scenarios:
Scenario 1. Price does not trade the next traditional short at the 1.3040 area, but just keeps moving lower into the 1.2900 area of support. We could witness participation in the 1.2900 from professionals and Program Trading.
Scenario 2. If the Euro gets a bid on Monday price could move higher into the 1.3040 area or above and then resume the move lower into the 1.2900 area. In the 1.2900 area or slightly below it we could witness participation from professionals and Program Trading.
As usual I am interested in your views and, if I don't see your replies please remind them to me with a PM (sometimes I jump over answers, sorry for that).
Thank you.
PS: the related video analysis will be on my blog shortly.
Cheers
G.
"markets traded by programs/HFT offer a significant trading edge..."