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

Euro has been flirting with the upper end of the zone marked yesterday, marking a swing high of 1.3121.

Buyers have been supportive regardless of the many attempts by sellers

Symmetrical profile suggests either consolidation or distribution, depending on the context (see previous posts)  

Areas marked on Wednesday post still apply 
2012-12-14_1140

 

– Trend is still up, although  -as noted-, 1.3120-1.3095 is an important area where I would expect some sort of selling to occur

– 1.3140 is a swing spot where important imbalanace between supply and demand took place, previously

– 1.3110 as POC, followed by 1.3072 (where I would expect some buyers to act, provided a retracement takes place)

– 1.3040 POC is another spot where I would expect buyers to take the stand

-1.3018-1.2996 is currently my line in the sand to mantain upside momentum, on a shorter term basis.

 

We could either have reached a temporary situation in which demand will wind down. In that case, the above referenced prices and areas are still valid.

Alternatively, provided buyers are supportive of price action, we could be in presence of a new leg up.

1.3110 is key price point. It needs to be breached by sustained buying to see further upside

the top of the zone, 1.3120 is another key price point to take into account

1.3140 is a mayor swing spot. I wouldn ´t be surprised for this price point to be tested, provided 1.3120 gets supportive buyers. I would be cautious around this level and will be looking for a sustained follow up. Provided that is the case, I do not see much resistance until 1.3210.

2012-12-14_1142
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