The EURUSD Top Trade

[apex82]

Euro Future

 

[apex82]

Quote from apex82:

Well we got the retest, minimum of 78.6 retracement from highs and then it got mutilated. I began this thread with the intent of calling a climatic top and the price behaviour has definately been exhibiting just that. We are at a critical zone now. It is now in the process of completing a wave c correction and rallying up to resistance or still completing an impulsive wave 3. The zones are displayed by the grids. If support is held here in the 1.2865-1.2837 area we most likely will rally up to the red grid find some initial resistance, pull back and then head up to retest the dec.5th highs again. We are hovering just above major support, I advise you take profits on your shorts here or on the next move down and wait to get back in if you wish to do so at higher prices.

EURUSD held at the projected support zone, in fact I got the low to the exact pip off a daily chart. If you look on the previous picture you can see my purple line of support coming in at 1.2865. That was the exact low for the following 8 trading days and the catalyst for a 179 pip rally so far. It has now hit my projected target of the red grid and is stalling. It may have one more push higher to 1.3058-1.3066. If it can get above there it will most likely to continue up to 1.3107 where it will encounter its next resistance.

...... Updated chart with price action since the last call was made...