here is my analysis published yesterday July 24th 2013 on FXStreet.com. I am now official contribution to FXStreet.com, a leading website on Forex trading. You will find my full analysis in my free Newsletter (subscribe here, it is free) and, some days, I will also publish in FXStreet.com. Hope you enjoy the review
Participation on the long side started on July 10, 2013 showed once again bulls and Program Trading (which we attempt to model) defending the area of support known since the beginning of February 2013. This area, starting at 1.2910 and extending down into the 1.2716 level, of failure has been successfully tested now 3 times.
Euro FX futures contract, daily chart – July 24th, 2013
This is very significant because it also shows that the 1.4110 potential target for the Euro is still in place. The 1.2990 level of participation on the long side was front-ran on Monday July 15 showing an urgency on the side of the buyers. That area of support and long entry has projected 1st target in the 1.3320 area, and a second target in the 1.35 area. If price gets to 1.35 we could see some profit taking there, potentially bringing price back to the 1.3380 area. But it is still early for that and we will assess this at the right time.
The first of two scenarios identified in the weekend is playing out at the moment. Price of Euro could hit the first target at around 1.3310 by the end of the week. If price does not continue higher we could get a retrace into the 1.3165 daily support before a continuation higher. Then, as our model suggests, and due to the fact that the Euro likes to move in extensions, we could see continuation higher into the 1.35 area, before we get some sort of profit taking and a retrace.
Notice that the Euro corrected into the 1.3158 area of support (actually the low was just 10 pips above at 1.3168) before printing new highs.
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