6E Euro Futures Update

$6E_F H&S targets inside "Key Swing Low" Every rally has been sold as stair step lower continues .382-.50 N Jeopardy

Euro Futures 6E stair stepping lower into support

The Euro for the last several trading sessions has entered a key support zone, along with testing and holding a key pivot low from early December. The key reversal bar that occurred during last Fridays session is somewhat concerning for the bulls. But if this future can sustain trade within the zone & start basing out and break its series of lower highs and lower lows along with a trend-line break a new upside objective will be in place. Notice the objective completed on February 1, 2013 and that was the high for the move. Majority of the times when the target is reached moves tend to terminate or at least pause at the objective. The organized light blue trend line with 5 touches assisted in turning this future south.

Euro Futures Completes +194 tick move

Euro Futures Daily Chart

Click Here for previous updates to this Trade idea / Post

Euro Futures going higher before lower "to the tick"

Euro Daily Chart

 See chart below from previous posting by click here Euro Falling Channel 1.2887-1.2693 = +194 ticks
 

Euro Futures Falling Channel

6E Futures Daily Chart

Euro ended up catching a bid off the (ounce broken/now support) dotted blue trend-line. At this point I'm anticipating buyers to be more active/aggressive expecting a break up and out of the falling channel. Buyers want to see support be tested to enter the anticipated push higher. 1st Resistance is found at the 1.2887 price where sellers will be active and 2nd Resistance will be found against the broken blue rising uptrend-line.

6E Euro Futures Setting up for Sell Side

6E Daily Chart

6E setting up on the sell side. Any rally into the kra range gives us a decent downside T-target objective. So far the euro is doing what was expected since previous post. Notice the trend-line failure lining up with the kra range, and notice the support trend-line the euro is finding support against. If the euro takes out 1.2693 the trade idea is invalidated. See recent post by clicking yellow link 6E Futures Daily/Pulling into Support

6E Futures Daily/Pulling into Support

6E Futures Daily Chart

6E Futures Daily Chart seeing a nice organized channel pullback into a confluence of support area's. The downward slopping trend-line from late February, the breakout level that occurred in early September off of the mid-June head 1.2759 should act as good support on a pullback. Note: the volume is cooperating also on this decline, nothing foolish nor scary as of yet about this pullback. IMO it gets bought up and we take another assault at the September highs of 1.3183 . If the head high of 1.2759 fails, it targets the mid July rising trend-line and the 1.2397 level where fresh bulls should defend, and put new capitol to work.

Euro /6E Daily ...Extended, Setting up Negative

/6E Setting up on the Sell Side for Today's trade. Quit vertical also, reversion back to the mean due.