FX.co ★ EURUSD Buy Above 1.3000 For October 19, 2012 (Daily Strategy)

The EUR/USD pair has a bearish sequence of correction, as we mentioned on Wednesday in our previous analysis. The euro broke the triangle, it is the rule of the market, there is a pullback towards the area where the break was observed. Now the pair is trading a few pips of this level of support. Look at the chart and find the lowest at 1.3005 the daily fractal. This level is key, if the pair closes below this level it would negate our bullish outlook and resold again strongly par. Above 1.30 the pair will remain bullish. Therefore, we recommend buying at current price levels, or wait until 1.3010 takes bullish positions. In the medium term we continue upward, above the 200 day moving average periods.

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