Past (March 17th, 2013) Trading Plan for the Euro-Dollar FX currency futures (English Language)

Hello traders,

This is the the high-level plan for the Euro-Dollar FX currency futures published to my newsletter subscribers on March 17th.

Trading plan for the Euro moving forward: start of the new leg higher after a retest (daily chart) -  March 17th, 2013

Trading plan for the Euro moving forward: start of the new leg higher after a retest (daily chart) – March 17th, 2013

By violating on the upside the 1.3020 level last week the Euro has confirmed support down in the 1.2900 area. This does not mean that we could not see lower lows, but the area of support starting at 1.2900 should now hold, i.e. we could see repeated participation on the long side if that area is retested.
Hereunder are the two scenarios (refer to the above picture):

Scenario 1. . Price could reach the 1.3130 area and then start a move lower into the next level of support at 1.2980. Price could then continue lower and, below 1.2965, there is the potential for a move into the 1.2880 area, where the 200-day SMA is located. This would give time  to the Dollar Index to grind higher into its 84 resistance area. After that price could resume its move higher into the 1.41 area.

Scenario 2. Price could find support in the 1.2980 never dipping below 1.2965. In this case it could find support and longs in this area that will push price higher confirming the start of the new leg higher.

Should you decide to operate based on this information you are invited to do your own due diligence, consult a registered trading professional, as well as, understand the risks involved. This information is for educational purpose only. Please read the Disclaimer and accept all involved risks.

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Should you decide to operate based on this information you are invited to do your own due diligence, consult a registered trading professional, as well as, understand the risks involved. This information is for educational purpose only. Please read the Disclaimer and accept all involved risks.

Have a great evening

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Filed under English language, Euro FX setups and trades, Newsletter, Trading Plan

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