Daily - Bearish in Progress Target 1.2730
30 min - Bearish in Progress Target 1.2800/780
5 min - Bullish in Progress Target 1.2960/90
EURUSD is currently in a daily downtrend with expected DNA end of trend level at approx. 1.2730. We therefore look to sell a smaller time frame pullback. Price has moved up to test yesterdays area of support at 1.2925 and is currently rejecting. However, the 5 minute has not yet completed a move to its end of trend level at 1.2960/90. This creates a sell zone in this area as per the chart above. We would prefer a short entry from here. If price reaches this level we will look for smart money confirmation before entering a short position. If current resistance holds we would expect price to head for the 30 mins end of trend level at 1.2800/780.
Update - 21/03/2013