The Euro/Dollar pair started a correction after reaching the 1.3310 target as anticipated in the last report (July 29th).
The next level of support, as per our model of Program Trading on the Euro, will come at around the 1.3170 and two potential scenarios can play out after and if price gets there (please, refer to the below picture):
Picture: “Euro FX currency futures continuous contract daily timeframe, August 1st 2013”
Scenario 1. Price could get to the 1.3170/75 area and then find a bid into the next projected level of target in the 1.3425 area.
Scenario 2. Price could pierce the support area starting at 1.3170 and finish below the 1.3129 level. Should that happen, the next level of (partial) profit taking would come in the 1.3050 area.
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