Following up on Sunday´s post, I focused on some of the particularities related to Friday´s move.
The Euro reached swing lows this morning, and has been fairly balanced within a previous area of demand.
One of the scenarios I was playing with,
Unless I see an important, steady and rapid buyer´s response, or prices find a choppy -although firm- footing in this area, I´ll be leaning towards lower prices.
Initially, I was (and I´m still, unless proven otherwise) inclined towards lower prices. However, price action will ultimately tell. So far, price has been rotating within 1.2810-1.2755, area marked back on Sunday´s post. The presence of several POC´s also adds to the importance of this as a key area.
Otherwise, the approach is has been extensively analyzed back on Sunday´s post. Just some updated areas to be aware.
Provided buyers show up, the first immediate key price point Ill be paying attention to is 1.2830, which will the first area to be retested on a possible move towards higher areas of value. I think if that area gets surpassed, then I´ll be looking at 1.2947-1.2928
Alternatively, looking towards lower areas of value, 1.2715-1.2660 is to note. However, I do not see much until 1.2630´s and 1.2570´s.
Although I´m keeping the options open in terms of the final direction (specially in prescence of a loaded week in terms of political events), price is currently within a key area, which could provide some important support within the 1.5 month range, or alternatively, become the beggining of a new move.