Euro-Dollar Analysis & Forecast, February 20th 2013 (English Language)

Hello traders,

Here below please find attached the video-analysis of the Euro FX currency futures for today February 20th:

The 1.3530 area of resistance and short selling never traded (too big of a front-run), but program trading participation has evidently pushed price lower (see picture below). The 1.3540 area of setup has targets in the 1.3270 area (1st target) and the 1.3130 area (2nd target).

Euro FX futures contract, 4-hour chart - February 20th, 2013

Euro FX futures contract, 4-hour chart – February 20th, 2013

The 1.3276 level is a very important level to monitor. It being pierced on the downside would open up the possibility of a retrace all the way into the 1.2900 area of support, which I have been now anticipating since some time (find the reason in Feb 8th video). Notice that the first target of the current short setup in the 4-hour timeframe in the 1.3410 area is below that 1.3276 level. So if the current setup in the 4-hour chart reaches the already confirmed 1st target, we could continue much lower (into 1.2900).

With the violation of the 1.3350 level on the downside we should no longer see strong interest from bulls in the 4-hour timeframe. However we could still see a retrace onto the 1.3360-90 area. We can still have a retrace up to the 1.3380 area but the move lower should then resume.

If the move continues lower it could meet the 100-day SMA at the 1.3130 area. There we could get a bounce into the 1.3215-45 or even 1.3260 area before a continuation lower into the 1.29s.

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Have a good day

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

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