Haven´t wrote a long review in almost a month.
I´ve been shying away on Euro on an intrday basis and currently watching higher timeframes on it.
Also, the $ES_F has not showed the type of opportunities I look for, thus having moved into other assets to trade.
As a norm, I monitor both $ES_F and $NQ_F, as indices. $6E_F on currencies; and $GC_F and $CL_F on metals and energy, respectively.
I´ve been more in sync with NASDAQ futures, Crude and Gold, lately.
Llikely you´ll more analysis on those in the following posts, although €uro will reviewed in the following post.
After starting the year bouncing from the 1.3000 mark, €uro probe into 1.3400´s for the first time in almost 14 months, and becoming accepted and balanced for 10 days into the 1.3400-1.3260 range, before probing into higher areas of value last Friday after the LTRO results into the 1.3482.
There´s important support at 1.3331-1.3300, specifically 1.3316, key prices and areas that are currently the line in the sand for foreseeable short term. above that mark, there´s weak support in the 1.3445-1.3432 & 1.3421-1.3412.
Above the current trading price of 1.3461, 1.3510-1.3490, as short term resistance –
1.3510 is a NPOC
1.3544 is another NPOC that should be taken into account.
I would expect further acceptance of higher value areas to continue, into the above referenced areas and price points. Alternatively, a consolidation phase within the range could be possible, before moving into higher areas of value.
An important and continued participation by sellers will prove this scenario wrong (see this post for rationale), in which I would eb keying into the leveles referenced above in a downward scenario. A break of the area around 1.3260-1.3220 will likely dirve the price into lower areas of value.
13050-1.3030, folllowed by 1.3014–1.300 will bring it back to the first days of the year, and area of important support where the current move has originated.