Here below please find attached the video-analysis of the Euro FX currency futures for today April 30th:
The second scenario of my last review published on the Blog on April 19th took place and price never moved below 1.2927 which has been a very good stop-loss. The 1.2980 area of support worked above the larger area of support starting at 1.2900, which is holding since the beginning of April. Indeed, the related stop-loss level at 1.2715 (not shown in the below picture) held so far.
The two scenarios going forward are (please refer to the above picture):
Scenario 1. The 1.3230 is a very important area and it could show participation on the downside. Notice that price held the 1.2990 area of support with a first target in the 1.3310 area, well above the 1.3230. If price is capable of piearcing the 1.3230 area I anticipate a continuation higher with a move into 1.3310 and a continuation to and above 1.3354. If the 1.3354 level is broken on the upside the 1.41 final swing target will be confirmed.
Scenario 2. If the 1.3230 important area holds and offer significant resistance, we could see a move lower due to the “sell in May and go away” effect, as well as, a reaction to BCE lowering interest rates to 0.5% on Thursday. In that case we price could move lower to retest the 1.2980 area (or lower).
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