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

Following up on yesterday´s post:

Price action reacted positively during Asia and reached the first target area (1.3062-1.3080)

On Sunday, the following was noted

the retracement has been mild in lieu of the market sell off of Friday. Provided, no sellers show up, I´ll be looking for the move to test a small area 1.3060-1.3080

2012-10-23_1044
Price action rotated around this area throughout the whole NY session.

Important sell off started on Asia and has followed in London and US sessions (as it is starting). The weak area in the 1.3015-1.2980 in which it opened back on Sunday, has been recently broken. The down move has stopped right at the POC of control 1.2968, as noted below. Although overextended, I would be cautious regarding it and would like to some buyers step in before buying the dip. There´s plenty of space below, as price is currently on the top of a  70+ pip area (1.2978-1.2926). in that case, I´ll wait for the move to get digested before initiating a long position
2012-10-23_1045
Alternatively, the vertical development gives way to a change of character that should not be dismissed. Thus, In the event the downside continues, I´ll be looking at 1.2880-1.2845, particularly 1.2867, 1.2886 & 1.2900, all POC´s
2012-10-23_1047

 

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