EurUsd: technical overview for 8th of Ocotober 2012
After US NFP report the pair has topped some pips below the 1.3080 to 1.3097 4h SR zone and the fall after the top was about 135 pips. The fall was stopped today at the 50% fib retrace and 1.2937 SR zone/line.
Now from the chart above there are some possible trade setups. On the 1h chart the price try to change the trend. Currently it made a lower low and now we need a lower high and another lower low.
The range for a lower high would be between 1.2993 and 1.3020. If the price go further north a challenge of Friday's high could be expected.
On the other side if the resistance zone between 1.2993 and 1.3020 will hold a fall to 1.2885 zone could happen in the next days.
Regards
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Comment by Pipomatic on October 9, 2012 at 10:46am -
After a touch of previous support/now resistance the pair fall to the trendline and the fib extension.
Next targets to the downside are the daily S2 pivot @1.2885 and weekly S1 @1.2867
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Comment by Peter jcp on October 9, 2012 at 11:05am -
Dont forget the higher low trick Pipo - ;-)))
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Comment by Pipomatic on October 9, 2012 at 11:09am
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You mean 2920 on smaller TF?
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Comment by Peter jcp on October 9, 2012 at 11:13am
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Yes we had the low today of 2907/8 and then a HL at 2919/20 - but need over 45 to confirm a turn again
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