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.
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.
We shall not forget another 38.2 fib:
Rock the pips!
ps: there is currently some fight just above the monthly central pivot ..