All things considered, I think we can conclude that the bearish EUR/USD trend isn't exhausted yet. It fell 90 pips for the past four hours alone and broke below 1.2600. Personally, I think the next target is 1.2500, although it might go even lower.
I don´t trade based on support or resistance. I wait for accumulation, and then take my trades based on that. That is by far the best way to trade instead of trying to pick bottoms or tops. When you guess wrong your account suffer massive losses, and then you revenge trade after that.
alysharf posted: now what is new, eurusd make trap for trader to make them go long, and in that way , it is golden player now only we have 1.2713 as support , then 1.2650 , 1.2533 ,1.2340 and then 1.2240 but i feel it is now near as 1.2650 make it double bottom for 1.2660 at 13/11/2012 , then it will jump up for long step but quick one. which is hard to occur so i suggest either sideways move or little correction
i was wrong about that i forgot one more point 1.2420 make it more likely to occur
now it pass to get only 2 points left, 1.2420 and 1.2240 , no need to make hero or make bad act before these points for me i feel it is 1.2420 will make big stop as move is about 1570 pip down without any correction. that mean if make correction it start by break of 1.3993 point to make new high
EURUSD traded sharply lower yesterday after convincingly taking out the November 13, 2012 bottom at 1.2660. The next downside target on a daily chart is Fibonacci extension target at 1.2507. Today is not about support and resistance, but momentum. Watch for volatile swings in either direction as investors focus on what the European Central Bank (ECB) will announce at its policy meeting tomorrow.
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