The week ahead * ???URO update (Thanksgiving Week) – $EURUSD $6E_F $$ #fx #forex

Last post -back on Wednesday 14th– revolved around some key areas in which price action developed over the end of the week.

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

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.


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.

Price has moved into upper areas of  value towards the end of the week, peaked and probed into the lower bottom of  1.2728-1.2793 area, which is the new line in the sand I´m watching now for either continuation into lower areas of value, possibly rotate within a 100 pip range in the 1.2793-1.2680´s.  If the latter gets breached, I´ll be looking for the pair to make new lows.
Alternatively  -following last week´s move- I am switching my stance towards “neutral”/long. The reason for not adopting a full upward trend is that 1.2800´s have not been fully breached and last week for sellers to mantain pressure.

I tend to pay special attention towards the development of symmetrical profiles,  as either accumulation or distribution, depending on the context and location.  In this case, when near the bottom-end of price, it is usually a strong clue of further upside that should not be passed. Specially if followed by a vertical development in terms of price action, as it happened. 
Regardless, the key lies into the confluence area denoted with the next immediate value zone, along with several POC´s 1.2782/1.2784/1.2788.
Another interesting point to note is that both areas are denote as weak ones, in which some further rotation is expected in order for these areas to be filled
Thus, a clean and sustained break above 1.2790´s as a key price point for further upside.

1.2760-1.2720 as area in which buyer´s are expected to defend. 

Otherwise, 1.2690-1.2680 will be the next logical place, in term of downside. If this area is breached, I do expect for Euro to make new swing lows.
Alternatively, if 1.2790´s is breached, I´ll be looking at the areas the following areas in which sellers have acted before
1.2948-1.2928 (most important/key are for selling pressure to act)



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