EURUSD
EURUSD closed @ 12060 which was BELOW the open and breached the previous day’s low. The High was PRECISELY at Precise Trader’s Res Zone 1 and the Low was 20 pips from Precise Trader’s Sup Tgt 1.
The Hourly Oscillators are Bearish but Weak and the Price is Below the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Limited Down while 12195 holds and Daily Trend is Sideways Down while 12405 holds, so expect the Price to have a Minimum Downside and the Bears have to be Cautious.
The Daily Closed below the Open and near the Low and we believe that the Bulls are still struggling to gain control or we may get one last push down before bottom . The Patterns are suggesting that the low is still not seen yet . The Hourly looks like it may have bottomed but the Bulls must crack the 12110-65 levels and must protect the 12065-25 levels at all times to support our bullish view. The 15min is suggesting a Range trading until the break. The Opening Price Principle suggests that the Bulls need to crack 12145-65 for further gains so Cautious approach is needed until the Price breaks out of Zone 2 levels.
BULLS: 12000 11925 11850 BEARS: 12145 12225 12285
Today’s Strategies: LONG near 12000 11925 with a tight stop with a 35-50 pips price target.
