Euro-Dollar Analysis & Forecast, March 11th 2013 (English Language)

Hello traders,

Here below please find attached the video-analysis of the Euro FX currency futures for today March 1st:

The Euro FX futures is still in measured moves lower on the daily chart. The last setup had resistance and short entry around the 1.3170 level with a stop above 1.3205 which was never hit. The first target in the 1.2950 area was only hit yesterday. Those who though the BCE rally was the start of the move higher of the Euro were mistaken (of course Fitch downgrading Italy was already ‘known’ the day of the BCE rally).

Euro FX futures contract, daily chart - March 11th, 2013

Euro FX futures contract, daily chart – March 11th, 2013

If we consider the 1.2950 first target hit on Friday we have two possibilities now. At the beginning of the week we could rally into the 1.3040 area (or even higher breaking the 1.3065) level and then come back into the 1.2900 support; or,price could just keep moving lower into the 1.2900 area of support. Hereunder are the two scenarios (refer to the above picture):

Scenario 1. Price does not trade the next traditional short at the 1.3040 area, but just keeps moving lower into the 1.2900 area of support. We could witness participation in the 1.2900 from professionals and Program Trading.

Scenario 2. If the Euro gets a bid on Monday price could move higher into the 1.3040 area or above and then resume the move lower into the 1.2900 area. In the 1.2900 area or slightly below it we could witness participation from professionals and Program Trading.

There is still a possibility for price to continue through the 1.2900 area and pierce the 1.2700 level, in which case we can anticipate a retest of the 1.2130 area of support.

If you want to have  access to trading plans, watch weekly video reviews as I develop or record them, or get information on setups (before they happen) for the Euro-Dollar cross, the S&P500 index and some high volume  stocks, please subscribe my newsletter. It’s free and you get additional content like market commentaries, setups, e-books, articles on HFT and program trading, learning material on my method and video-analysis that I don’t make available on my blog.

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

If you intend using this information for your trading please do your own due 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, Forex, Trading Plan

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