???URO update (US session) – $EURUSD $6E_F

Currently bouncing back as I´m writing.

Yesterday, I´ve marked 2 different areas for the downside scenario:

 

1.2937-1.2957

1.2918-1.2894 (stronger area)

2012-10-09_1043

Columbus Day Holiday did not provide much. However, range expansion has penetrated on the first area, while interested buyers have started to defend it (1.2917 at teh time of writing). According to my methodlogy,  It makes sense to have a bounce in this area where there´s a combiantion

– extreme range (white channel)

– Support. Specially it is interesting to note that the inflection point concides with the purple dotted line, which denotes a POC (Point Of Control). There are several POC´s marked alongside my charts.

 

2012-10-09_1054

Although an important retracement, I do not see many sellers (at least for now). I would personally expect a retracement to (at least) 1.2960-1.2980, which at the moment is the Line In the Sand to define a new trend.

 

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