Here below please find attached the video-analysis of the Euro FX currency futures for today February 8th:
The video is a bit longer today because I have provided a more detailed analysis of the situation and what could have happened today and why we could be already trading measured moves short on the daily chart.
I consider it fascinating that two programs have been trading one against the other, the first on the weekly timeframe offering support at the 1.3460 area (confirmed participation on Tuesday at this level) and the second, on the daily timeframe, opposing resistance at the 1.3580 area (Tuesday evening and Wednesday morning). The bears won the battle and the 1.3580 area hit first target at 1.3410 area.
We have a closer level of support at 1.3360 which I don’t fully trust and I will not consider as a potential area where price could turn around. The next important support area and long entry, if confirmed, is down around 1.3200 and it is originated on the daily timeframe. The other area of support, originated on the weekly timeframe, is at around 1.2900.
On the 4-hour chart the market is moving lower in extension measured moves with resistances at 1.3430 and 1.3410-15 at the moment. Above 1.3450 price can test the short resistance area at 1.3530-40 and come back down again. If the sequence of measured moves lower continues and then breaks around 1.3200 I will consider that as the next support area.
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