The Euro
fell today versus the Yen and it reached the 140.00 level. On its first visit to
that round number and psychological level, the pair gave us a bounce of more
than 40 pips, but it fell right back down to the 140.00 zone. This pair usually
gives us a range of 40 to 50 pips when it bounces from the first visit to an
important support/resistance area.
However, we
may see a breakout of the 140.00 to the downside. In case we see a breakout,
then we should wait patiently for confirmation of the breakout and then the
pullback for a possible short entry. Below the 140.00 level, the next important
support is the 139.00 zone from where we may see the price try to stall there.
Looking good to the downside!!
ReplyDeleteLook like it will break 140 level.
ReplyDeleteReally look like going to break!
ReplyDeleteThe break of a good support zone generally produces a strong sell effect.
ReplyDeleteIn this case, the breakdown of 140.075 level (Minimum of April), wasn't expressive, let's see the behavior of the pair after today's consolidation around the mentioned level.