Euro-Dollar Analysis, February 12th 2013 (English Language)

Hello traders,

Here below please find attached the video-analysis of the Euro FX currency futures for today February 12th:

The closer level of support that I do not fully trust, as indicated in Friday’s Euro FX video-analysis, has offered support on Monday. The 15min sequence of measured moves downward failed after the support level was successfully tested. Now remains the level at 1.3451 that has to be violated on the upside to provide confirmation of support also in the 4-hour chart.

Today the 1.3360 area could be retested again successfully. On the other hand, if the previous lows of Friday are violated on the downside, price could keep moving lower into the next important support area and long entry around 1.3200, as indicated on Friday.

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6 Comments

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

6 responses to “Euro-Dollar Analysis, February 12th 2013 (English Language)

  1. dan c

    Just as a matter of interest and not saying i am any expert.. my points of resistance for USDX.. based on month week.. 3 and 5 day pivots .. and the square of 90 and 144.. are current hi 8039.. but stronger point 8055/60

    • Hello danc,
      I am not expert either, those levels are showing resistance at the moment, so you could be right. It is difficult to read USDX for me because this futures has very small traded volume (so it isn’t so technical), plus is an index so it depends on trading in other currencies..
      good point there, thanks

  2. Would you consider the resistance level of 1.3451 being broken yet since on the 4 hour chart price pierced this level but closed below?
    Thanks

    • closure is not important, when the level is pierced that’s it. Program trading is triggered by price levels and not the close on a specific timeframe.
      As for now we traded the 1.3410 support and confirmed targets above in the 1.3590 area. The 1.3360 support was confirmed.
      Hope this helps/
      Cheers
      G.

  3. Yes it does.
    Thanks for your input.
    Rod

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