Euro-Dollar Analysis, November 2nd 2012 (English Language)

Good morning,

hereunder is you video-analysis for the Euro FX currency futures:

with price violating the 1.2926 level on the downside we had further confirmation of the validity of the downwards move started Wednesday at the 1.3020 area. That resistance area and short setup has a first target right into the 1.2830, a very important area of support.

In the past the 1.2820-30 area has been sustained by participants because it relates to a very important retracement that can be identified on the weekly chart.  However, we will need to verify whether price is going to respect this area once again and a significant rebound will take place. Such action would require participation from professionals and program trading at an area that is going to be tested for the second time.

As we know, second tests are always very dangerous because we need a brand new group of traders taking the place  of those who sustained price for the first time. Therefore there is a tangible risk that price will continue on the downside and this weekend I will elaborate and expand on the plan published last week whose broad outline remains still valid.

Thus two scenarios must be kept in mind: 1) price bounces from the 1.2820-30 area and moves above the 1.2950 level, starting the next intermediate leg higher in the Euro; 2) price moves below the 1.2820 area and continues towards the next , and last, level of support in the the 1.2630 area.

Later on I will post the updates for trades and performance related to last few days of activity.

If you want to have access to the content and watch the video reviews as soon as possible, as well as, receive the material every weekend, please subscribe my newsletter. It’s free and you get additional content, comments, setups, e-books, articles, learning material and video-analysis that I don’t make available on my blog. For instance, this week I am going to send out a special mid-week assessment of the Euro-Dollar cross.

Subscribe my free newsletter to get ideas on setups and learn how I do it.

Thank you for subscribing should you decide to do so. Lots of other people are doing the same.

If you intend using the information for trading please do your own diligence, find the advice of a trading professional and trade at your own responsibility. The information provided is for educational purpose only. Please read the Disclaimer and accept all the risks. Thank you.

Have a good day.


Leave a comment

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

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s