EURUSD on Friday Morning: points to watch

Good morning traders,

My previous piece of analysis remains intact, EURUSD showed yesterday bullish activity, but didn't reach the mentioned targets. 

The very best variant for those who are long on this pair is practically immediate start higher from current levels (1.2760-1.2770) to 1.2815-25, where 4H 100MA, 1H and 15min resistance trendlines meet.

If we get lower, we should remember 1H 100 MAs at 1.2745 and 1.2728.

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Tags: EURUSD

Comment by Rao Khassan on November 16, 2012 at 10:43am

UPDATE> As EURUSD continued sliding down during the European session and posted low of 1.2724, the most important level to watch now is hourly 100MA @1.2728. If we get this hour closed above it, buying euro remains intact. If we close 1H/4H lower, then we should consider another trading scenario.

Comment by Rao Khassan on November 16, 2012 at 2:08pm

Hi Peter,

Thanks a lot for your comments!

I've also chose 52 level as a sticky point, as there meet two resistance lines starting from yesterday evening's decline. As we can see, EURUSD didn't manage to break it from the 1st attempt.

Now pair fell back to new support lines in 34-38 area. Here I start buying again :)

I'm sorry for the messy chart really!

Comment by Rao Khassan on November 16, 2012 at 2:24pm

So we started our way back up. I see immediate stops at 55-58 area.

Comment by Rao Khassan on November 16, 2012 at 3:11pm

That's Friday -

so if the break is to lower side, I guess eurusd can reach even lower number of 2690-95. 25 works now as resistance

Comment by Rao Khassan on November 16, 2012 at 3:26pm

As for me, when we've broken clearly below hourly MA (and that happened), we might test the minimum, reaching 1.2640. But that's a broader view -

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