Here below please find attached the video-analysis of the Euro FX currency futures for today March 14th:
As anticipated (see the previous analysis) the Euro corrected down into the 1.2900 area, stopping today at 1.2931. I anticipate a bounce higher now from the current price level. We still don’t know exactly where the bounce will come from.
Hereunder are the two scenarios (refer to the below picture):
Scenario 1. Price is now within an area in which we could see strong participation on the upside. Above 1.3030 (based on current lows at 1.2931) the confirmation of support will come and price will start a move into the 1.4080-1.41 area. The start of the move higher could come from lower levels at 1.2915 or even 1.2840, if price dips lower.
Scenario 2. There is still a possibility price could keep moving lower past the 1.2769 and 1.2712 level (the latter ist he line in the sand). Below 1.2712 we could have a very high probable retest retest of the 1.2130 area of monthly support. However my belief is that scenario 2 has low probability at the moment.
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