Elmar EUR/USD Trading Plan 14 May 13

Hello friends and fellow readers!

Another exiting forex week begins!

If you´re already in tune with The Forex Koala article about eurusd, http://thegeekknows.com/2013/05/eurusd-forecast-13-may-13.html , you´ll notice that he believes on a bearish momentum. I was looking to my daily and weekly charts drawing some lines there. Setting up a weekly Fibonacci 100.0% @1.3710 and 00.0% @ 1.2746, we can notice that April was just a bullish correction month! Late April, 50.0% @1.3228 served us well as a resistance and prices started to drop again. Like our dear friend The Forex Koala says in his article above, I believe that we may see 1.28 or even a retest of 00.0% @ 1.2746 again.

The momentum is bearish and we´re going to draw the lines to our trade plan:


The immediate key area is 1.3000-1.2970 around 23.6 Fibonacci. Above it we may see a bullish correction to the safest place to short around 38.2% @1.3114 Fibonacci that matches with the daily bearish blue trend line, targeting a retest of 23.6% @ 1.2973 Fibonacci. So Look for shorting opportunities around this level.
Another opportunity lies on a daily close below our key area 1.3000-1.2970, with a proper retracement, well look for short opportunities targeting 1.28 like our dear friend The Forex Koala told us on his article, and even a retest of 00.0% @ 1.2746.

That is it friends, draw your lines and get ready to trade! Never trade without stop loss.

See you in the Forum to share your thoughts and forex skills with us!

Green pips for us all friends!

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