Hello traders,
Here below please find attached the video-analysis of the Euro FX currency futures for today May 3rd:
The 1.3230 area was very important and I have been watching it carefully. We had strong participation on the downside that negates the bullish scenario I have been following so far.
Indeed, today the market has confirmed the shorts by holding the 3140 area of resistance (stop-loss above 1.3170 was never pierced). This setup has 1st target at 1.3000 and second target around the 1.2910 area of support.
Euro FX futures contract, daily chart – May 3rd, 2013
Below 1.2714 the bullish scenario, already in trouble, can be cancelled altogether. If Scenario 1 plays out the target will be at the 1.2520 area.
The above picture shows the two current scenarios:
Scenario 1. I do not anticipate the 1.2980 level to hold because it is a second test. So we could see price slice through that level and move right into the 1.2910 area where we could get a small bounce. If the shorts are real there would be a continuaton after price tests the 1.2980 area from below.
Scenario 2. If the 1.2910 area holds we could still see a resumed move higher. This scenario, however, seems a low probability scenario at the moment.
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Fibonacci Stalking 