EURUSD SUPPORTS

2013年7月17日

Long Possibilities: I am watching the current retracement for movement back into the 1.3050 area or the 1.2980s area. Both price points are areas of interest that may attract buyers attention based on recent price activity. These levels represent supports where failed lows or bullish reversal patterns may emerge. The key is to validate the price action. I am looking for day trades or possible swing trade setups at these levels. Stops should be no greater than 30 pips in both instances and conservative targets prices can be in a retest of the 1.3130 area. A more aggressive target will be an retest of the 1.3210 - 50 area. If this pair closes below 1.2980 area with any conviction on the 4 hour time frame, the long party is over. Watch my trade reviews at bit.ly/archpge