Market Overview

Game Plan: 11/9/12

Market:  Eurex EURO STOXX 50 Index Futures, $FESX_F

Trading Levels:  2430/2480/2510

Target:  2430 Our short stance on the future is now being put under review, the first question to answer is: Will the market be able to go breakout the 2480. Yesterday closing auction in Europe showed some sort of strength despite US weakness. Above the 2510, confirmed by a rising Eur/$, our short stance should be considered challenged.

Our first target remain the 2440/2430 range. Odds will be on our side if the Eur/$ will not be able to break the 1.28$ a breakout of yesterday lows @ 1.2720$ will give us reasons to stay in the trade.

EURUSD, $EURUSD

Pushed lower but found some support at the 1.2720 mark. A break lower from this level could easily see the 1.26 mark. However the pin today could provide an initial bounce before moving lower. We like two potential options on this pair, a failed price rejection of the 200 day moving average at 1.2820 or a push below the 1.2720 would put us short with only a break and close above the 200 day moving average rejecting our bias.

 

Originally posted at www.77sigmatrading.com

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: News Forex Global Markets Trading Ideas

 

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