My dear friends no surprises here for me as I already expected through my math calculation in permutation concept about previous and recent numbers involved by Algorithm concept. The Euro broke 2 very important support levels on Wednesday, and proved that our anticipation of a bottom around 1.1159 was wrong. Breaking below 1.1159 was a warning sign, while breaking below 1.1096 was a confirmation that the price is going to move lower & lower. The price has reached yet another 11-year low at 1.0987 yesterday, and it is expected to continue moving south.
The price is now expected to target 1.0935 & 1.0864 after broke 1.10000 yesterday, ahead of a long term Dow level at 1.0826. The Dow level may look a bit far now, but remember that we had a strong & very important bearish break on Wednesday, when we had the double break of 1.1159 & 1.1096. Taking the importance of this break into account suggests that the bears could very much pull the Euro lower to these levels on the short term, and even lower on the medium term, may be to test the long term 71.4% retracement at 1.0454. Breaking 1.1096 opened the door to all these possibilities especially towards to 1.05000 & 1.00072 lvl before Christmas dawn or coming new year!
On the other hand, first resistance is provided by the falling trend line from Tuesday’s high, which is currently running at 1.1052. Any recovery attempts which fail to break above this level should not be taken seriously, on the contrary, they could provide shorting opportunities. However, if the price can recover past 1.1052, it will be expected to start rising higher, targeting the micro term retracements at 1.1075, 1.1102, 1.1129 & 1.1151. The last 2 levels look hard to break, but if the Euro can do it & break above 1.1151, we could be on the way towards 1.1245 in a well-deserved rising correction after these losses.
Please keep in mind that we have the U.S. Ministry of Labor monthly report due today at 8:30 ET. This report is capable of moving the market sharply in either direction, caution is advised for Telegram group..in NFP trade later. Happy set up your trap Ad & Gangs.
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