???URO update – $EURUSD $6E_F

Following up on Sunday´s post, where I pointed out 2 situations to keep in mind

a-) the 1.2750-1.2810 area holding, followed by 1.2910-1.2946

b-) break of the above referenced area, and deeper continuation into 1.27´s, possibly lower towards 1.2627-1.2645.

 

Fffffffff

The area held and is has been tested almost to the tick at  1.2948, after retracing to current leveles -my charts are reading 1.2930, at the time of writing.

Yyyyyy

Nevertheless, I was wrong on the the part of Sunday´s post in which I was looking for a continuation of the down move, which never occurred. Therefore, more emphasis on the 1.2750-1.2810 area.

Furthermore, I tend to pay special attention to what happens to price action at the extreme of the ranges, marked by the white channels, which are close of being tested (at the time of writing).  In most of circumstances, usually a small retracement around these areas should be expected, to say the least. 

Eeeeee

What I´ll be looking for? As noted above, buyer´s have showed up and  there´s range expansion. Seller´s have maintained control at the levels marked. There is buyer´s support both at 1.2750-1.2810 (KEY SUPPORT) and 1.2844-1.2879.

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The euro is currently trading at the upper band of seller´s value area, although currently buyers are still in control. Therefore, provided they maintain control,  I´ll be looking to see what happens at 1.2963-1.2983 and 1.2984-1.3000. Those are two different areas, but could also be viewed as bigger value area, where sellers were previously in control. Likely is that these areas will not present much resistance if price further develops. 1.3046-1.3080 is likely to be harder for the buyer´s.
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To the downside, 1.2843-1.2878 as immediate value area for buyers to defend, followed by the (important) 1.2750-1.2810. I´m leaning into the hypothesis that these areas are likely to hold and buyers will still be in control, at least for the short term (ie. end of the day), possibly some rotation between those zones.  Nevertheless, I´ll keep mi criteria open and flexible.

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