Wednesday, May 5, 2010

EURO

There some possible low risk/high reward buy zones shaping up on the intraday Euro chart.

You have a potential buy zone seen on 240M chart between 1.2855 and 1.2750.  If you go down to a 15M chart you can help narrow this zone down to 3 areas. 

Support 1 has a solid fib cluster of support combined with a DS2 pivot.
Support 2 has the dominant 261 fib extension seen on 240M chart and two 461 fib extensions seen on 15M chart.  This could be the zone that full stretches out the local move down.  You also have MS2 just below for further support.
Support 3 is the lower end of the zone.

These areas will become obsolete if wider time ranges are made before these zones are hit.


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