EURUSD Setup 16 April 2012

Eurusd staged a surprising come back after last Friday sell off & Asia weak opening. We tested 1.30 into London opening before buyers got back the pair to 1.3020. US retail sales was the trigger & bulls then cleared back 1.3042 before first test above 1.3060 then again a quick drop to 1.3035 to find again buyers & shorts got squeezed thru 1.31.
Watch 1h chart here important area 1.3150-70 should cap rally & we a need a trigger to start quick fire sell off again. Spanish auction tomorrow so let’s see.

eurusd 16-4-2012 1h

Update 1: First target 1.3090 tested then we currently had a quick bounce so let’s see if 1/2 position could here hold @ BE. STOPPED ( 1.3140 ).

Update 2: Reloaded again 1.3143 & 1/2 taken here at 20 pips & stop back to BE… Let’s see again. & again stopped spanish auction was strong & fueled rally toward 1.3160 stops get squeezed.

Your comments too are welcome and you can always reach me on twitter @fx_13.

(Please click on the forex chart thumbnail to enlarge)

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