???URO update (Thanksgiving) – $EURUSD $6E_F #forex #fx $$

Price was around the area noted below back on Tuesday´s post

2012-11-22_1457

Price reached the upward areas marked back on Tuesday. Lack of agreement regarding Greece prompted the pair back into 1.2770-1.2724, as was possibly expected, in which responsive buyers acted towards news highs at 1.2899 which (not coincidentally) is quite close to the POC at 1.2903.

2012-11-22_1503_001

Nevertheless the move towards the downside was not expected, the action of buyers into a previous demand zone proved to be positive for the pair to reach new highs this week.

 

2012-11-22_1503
2012-11-22_1455
The next review will likely be next Sunday. However, some views for the following days
2012-11-22_1506_001
As previously stated last Sunday, I have switched towards full long view once 1.2790 has been broken to the upside.

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.

A few clues that I´ve been watching towards more upside is the appearance of symmetrical profiles/subprofiles over the last few days.

Back on Sunday, Nov. 18,  I specifically cited them as a reason to look for more upside momentum.
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. 
In that sense, similar price action has developed.
2012-11-22_1506
My new line in the sand to keep upward bias is 1.2800-1.2830, which I would expect to be challenged at some point. Below the same 1.2778-1.2725 area which buyer´s defended this week. If the latter gets breached and no important buying action takes the stand, I would expect the pair to make new lows.
2012-11-22_1521
Alternatively -scenario in which I´m leaning into- the next key area I am expecting 1.2947-1.2930 in which 1.2938 constitutes a key POC, followed by the 1.2960 area. Above 1.3010-1.2992, followed 1.3038-1.3020.
2012-11-22_1526

 

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