Here below please find attached the video-analysis of the Euro FX currency futures for today March 15th:
By piercing on the upside the level I have indicated yesterday,i.e. 1.3020, price confirmed the 1.2900 area of support. It does not mean that area could not be retested, but with a confirmation, a potential retest should now hold.
The 1.3010 extension long setup on the 4-hour chart held yesterday and brough price into the 1.3060 area (1st target) and then the 1.3080 area (2nd target). Next support and long entry now at 1.3075.
Hereunder are the two scenarios (refer to the below picture):
Scenario 1. If the 1.3066 level is pierced on the downside there are two important level to watch where we could see bounces. The first level is 1.3015-20 area, while the second is the 1.2980 area. We don’t know where price will stop and reverse. If we get this move lower now this is will be the opportunity for Program Trading to establish or add to longs. If we don’t get the retrace now, we will eventually have a retrace. So don’t rush to longs. (notice that sometimes even after breaking below 1.3066 the ‘busted’ setup can reach the 1.3120 area of target anyway, before correcting lower into the indicated levels)
Scenario 2. The next level of support and long entry is at 1.3075 with a stop below 1.3065. If price holds this long setup we could see the 1.3120 area hit (1st target) and then price hit the 1.3140 area (2nd target)
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