???URO update – $EURUSD $6E_F #forex #fx $$

2012-11-14_1148

The pair marked new lows @ 1.2658. An increase in short positions have been developing since yesterday´s close.

2012-11-14_1115
Overnight price action retraced towards 1.2754-1.2731, as posted yesterday

1.2754-1.2731 is key for the trend to continue down. In that case, possible targets remain as posted.

The line in the sand remains the same. There are several POC´s within the area

1.2746
1.2758
1.2762
2012-11-14_1119
Further above, 1.2785-1.2781 is another key area. I´m leaning to think that if the pairs gets towards these levels, likely there would be a change of trend and we would be looking towards higher areas of value. Although several areas above, the main number I am watching currently is 1.2940. Between 1.2800-1.2940 there are a few weak areas that will likely offer some opportunities and rotation.

2012-11-14_1139
At the moment is pretty much all about 1.2760´s – Above, I´ll be looking at 1.2770-1.2780 immediately, followed by 1.2890-1.2793 – Although weak area, it might present some resistance.

Towards lower value areas 1.2730-1.2700 is now key, where I would expect buyers to act. I do think is we loose this levels likely is for the pair to make new lows. I am still leaning towards the short side of the trade, provided levels marked above are not breached, specifically 1.2760´s

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