Support Breached

Chart courtesy of DynamicTraders. Data provided by eSignal.

Hopefully you all managed to capture a nice profit on the Euro from Wednesday morning. As I mentioned this morning, the bounce was not convincing and as was a little expected the Euro broke through the support to provide a good gain for the day.

Look at the chart above and if still short make sure you lock in your profits and maybe scale out as we are at 50% support level. First trend line and the moving average could also act as support if we continue with the trend down and reach that far.

On Thursday morning check what the overnight session did for a possible reversal.

Good luck for Thursday. I will not be posting again until Monday morning so hope you all have a good weekend.

12980

The Euro is still attempting a decisive breach of the 12980 area. We saw the market breach it at 02.30am this morning only to find a little strength and bounce up overnight. Keep an eye on this price as the bounce was not convincing and we may get a reversal.

Good luck.

Bearish Euro

Chart courtesy of Dynamic Traders DT5. Data provided by Esignal.

Above is the Euro daily chart. From the high it produced a low before attempting to re-test the high and failed at 0.786 then continued a move down to 12980 (previous resistance which is now a support). If we break the 12980 convincingly then we can see further movement to the downside. I have added the extensions in blue for support levels should it continue with the bearish stance.

Hope you all have a good trading week.