EUR/USD traders like the outcome of the Greek elections even tough New Democracy has several hurdles to pass. The gap created by the weekend close and the Greek elections outcome is now being filed but as long as we trade above 1.2540 the trend will remain strongly bullish and it would not surprise me if price creates a reversal close to 1.26. Even though we trade under 1.2540 – I would not see this as bearish just less bullish – I would however wait with entering any long positions if we would drop under 1.2540.
If we indeed create a reversal close to 1.26 and above 1.2540 I would expect us to reach the 1.2750 high over the next 24 hours.
If you can any questions about this scenario or anything else trading related feel free to write to me here on the forum.
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EUR/USD 60 min chart
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not really sure what to look for........... are you saying we will head back down to a low 1.2290 before a break UP passed 1.3...????? did i get that right????
on a side note, price had a little fake out like i mentioned yesterday although i really did not expect it to happen. there's the daily pivot now @ 1.2630 and lower down 1.2580 (weekly pivot). if we ablve to stay above the pivot's we have a last shot at the bulls to head higher. a move lower and price will have a high chance at getting to the 1.2290 area again.
dollar found support by the 50 fib retrace which is also a TL that connects the resis (highs) now turned support. if we can get back above resis anytime soon (which is the monthly and weekly pivots), u think we still have a valid bull flag in play?????
im watching the 1.2580 level, im flat no position just yet........
new shorter term resis being 1.2665, stay below it and we head lower in the short term and one step closer to the 1.2580 level. going for a small short once we roll
EUR/USD traders like the outcome of the Greek elections even tough New Democracy has several hurdles to pass. The gap created by the weekend close and the Greek elections outcome is now being filed but as long as we trade above 1.2540 the trend will remain strongly bullish and it would not surprise me if price creates a reversal close to 1.26. Even though we trade under 1.2540 – I would not see this as bearish just less bullish – I would however wait with entering any long positions if we would drop under 1.2540.
If we indeed create a reversal close to 1.26 and above 1.2540 I would expect us to reach the 1.2750 high over the next 24 hours.
If you can any questions about this scenario or anything else trading related feel free to write to me here on the forum.
Feel free to join me today at 10:30 GMT (11:30 UK time) for a free FX, stock and commodity market webinar at www.dailyfx.com/bvb Send an e-mail to azambrano@fxcm.com to sign up to my distribution list.
EUR/USD 60 min chart
Click here to view a recording which introduces you to my trading system
*Joining DailyFX Forum is free and offers an extended range of features, including: Replying to other peoples' threads and receiving email notification of replies to posts and threads you specify. Click here to join today.
Thanks Alejandro. What are the catalysts you believe will get the price back up to 1.2750?
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Originally Posted by TAfool
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