EurUsd: will be 1.2750 zone (plus/minus some pips) the ultimate fight zone between bears and bulls?
October 10th: price action overview
It was a slow day for EU. Almost all day long in pullback mode. I was out most of the day so I opened the charts now and see that my analysis from this morning was 100% correct. Too bad I wasn't able to trade it .. well most part of it. I took only a long position on the 3rd touch of the bottom of the channel and closed for some 20+ pips.
Here's also a 1h chart:
Notice the confluence of two trend lines and a 50% fib ... that's it. Supports should be: 1.2817 to 1.2835 zone; rising daily trend line around 1.2780 level atm; falling daily trend line some pips below the rising one. And the ultimate target in short term the 38.2% fib retrace in line with June 2012 high.
Daily chart:
The 50% and 61.8 fibs are also a good support zones but IMO not so strong as the 38.2! And if we get lower then 1.2803 would be also a lower low on daily chart and so a confirmed change of trend.
We shall not forget another 38.2 fib:
Any view appreciated!
Rock the pips!
ps: there is currently some fight just above the monthly central pivot ..
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Comment by Peter jcp on October 10, 2012 at 10:26pm -
Great charts Pipo - hope you caught some of the drop from the 2900 area to 2840 ( so far) This last 2 hrs as been best part of the whole trading day ;-))
Have a great Thursday and Friday
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Comment by Pipomatic on October 10, 2012 at 10:32pm -
Just missed it .. but 2morrow is another day .. ;)
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Comment by Pipomatic on October 11, 2012 at 7:22am
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Yesterday's role reversal level was @1.2876. This level is now the 61.8 fib retrace of the last swing down.
The 2885 level is also important and it's in line with the falling trend line .. Trade setups in red ..
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Comment by Pipomatic on October 11, 2012 at 7:32am
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Putting a down channel on the 4h .. the bottom is around the "ultimate fight zone" :P
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