???URO update (adeu #Sandy) – $EURUSD $6E_F $$ #forex

Yesterday, I wrote about the weak area above 1.2935 as a possible area for price to move.

I wrote about 1.2935 about being a key price point. It is still the case. Above that, there’s plenty of space for price to probe into higher areas of value. The red dooted horizontal lines denote that what I have conceptualized as weak areas

The chart below, was posted yesterday.

2012-10-30_1137

Currently, this is how it is looking

2012-10-31_1006

the move stopped at the zone marked 1.3021-1.3037 in an accurate point, as noted below.

2012-10-31_1009

Also, I want to stress out the importance of POCs regarding critical areas within the upmove, as noted below.

2012-10-31_1011

what to look for?

2 Hypotesis:

– To the Upside: 1.3021-1.3037 should not provided too much work for price to penetrate 1.3042-1.3070s is a more important area where I would expect sellers to show up some muscle

– To the Downside: 1.2976-1.2955 as a previous buying area, followed by 1.2913-1.2880

2012-10-31_10222012-10-31_1014

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