Hello traders,
Here below please find attached the video-analysis of the Euro FX currency futures for today May 16th:
The Euro kept moving lower despite strong US indices as anticipated on April 30th and May 3rd video reviews. The participation lower initially witnessed at the 1.3240 continued in the last 2 weeks. Moreover, below 1.2840 price confirmed the first target of the daily move lower at the 1.2525 area. I now anticipate price continuing into that target area in the two coming weeks.
What I was not able to anticipate was this reactionary move higher to push early bears out of the markets, but I do only swing trading (that’s where the money is) and don’t try to catch every intraday move.
Euro FX futures contract, daily chart – May 16th, 2013
The above picture shows the two current scenarios:
Scenario 1. A continuation lower from current levels if the correction higher has ended bringing price into the 1.2810 area first and then the 1.2740 area for the second target.
Scenario 2. If the correction higher has not ended just yet, we could see price climbing into the 1.3010-20 area only to revert (there would be resistance of the 20-day SMA there, as well) and continue lower.
As I said, final destination where we could see initial profit taking is at the 1.2525-30 area, first target of the move originated a the 1.3240 area. I will remove my swing short position there.
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Fibonacci Stalking 