Euro-Dollar Analysis, October 18th 2012 (English Language)

Hello all,

please find hereunder my video review of the Euro FX currency futures contract for today:

Yesterday we witnessed a gap up on the Euro FX futures, which did not take place in the EUR/USD spot market. This gap is still being defended on the futures in the 1.3090. You will remember that in the days of  Tuesday and Wednesday, the Euro touched and exceeded both the first and second target, respectively in the 1.3040 and 1.3100 area.  As the second target was exceeded we can conclude that the Euro is moving in extensions on the daily chart.

The next support and long setup is in the 1.3070-80 area with a failure below 1.3055. Should price start moving below 1.3090 to close the gap, 1.3055 is the area bulls will need to defend in order to support continuation higher.

Should the 1.3055 level be violated on the downside, the Euro will probably trade into the 1.2990 area, where the next support area and program trading and professional traders is located. I believe that between today’s and tomorrow’s session the situation will be resolved.

Notice that the first target on the upside for the Euro is in the 1.3350 area.

In the last two days I have taken two trades and they are still open. I will attempt to add if price moves above 1.3200. I provide detailed information and trade reviews only to followers who subscribe my free newsletter. The weekly newsletter includes learning material, articles, weekend video reviews and other information that I usually don’t share on the Blog. Register here to receive the weekly newsletter.

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Have a good day

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Filed under English language, Euro FX analysis and trade setups videos

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