EUR/USD dangling on the 100 Hour SMA bouncing up and down off of it for the last few hours. A break below should be off to the races #fx $$

(Last Updated On: February 8, 2012)

EUR/USD dangling on the 100 Hour SMA bouncing up and down off of it for the last few hours. A break below should be off to the races #fx $$

 

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Perhaps..I have support between 30 & 40 across 6 timeframes that it will have to break first..Right now (and depending on price action at the time) I think I’d be more inclined to take a tentative long at those prices I mentioned – if we see it..

 

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A nice 102 pip move there from 1.3032 – chi ching! 🙂

 

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This was a Wave 4 support which I had between 1.3017-41. It’ll go up to around 1.3450-90 before it corrects for a little longer…

 

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If the pair breaks above 1.3231 then my stop loss will be executed from the overall bearish sentiment however, the pair has resistance at the 1.3200 level as tested!

 

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t still needs one more push higher but now seems to be restricted to somewhere between 1.3332 & 1.3404. The 1.3234 high was Wave (iii) and Wave (iv) at 1.3026. Even after this push higher I only see a relatively shallow correction (to the entire rally from 1.2623) and expect a move above 1.40. You’ll get your big move lower but it won’t start until mid-end March at least.

 

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see a bull flag in 240 mts. still may see 3420

 

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I believe stronger then expected job report pushed the pair down.

 

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The 1.3017-41 Wave (iv) support mentioned earlier held in a wide flat correction… and is on track for the target areas mentioned still looks to be somewhere between 1.3332 & 1.3384-04.

 

 

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