Market Overview

Game Plan: 11/15/12

Market:  Eurex EURO STOXX 50 Index Futures, $FESX_F

Trading Levels:  2430/2480

Target:  2430/2510

We are now near the 2440/2430 support level, it will be paramount to follow the price action; a breakout of this area can lead to a fast downward move which will question the Line of Least Resistance. Buyers are expected to step in the 2440/2430 area with stop loss just near the 30 mark therefore we could assist to stop hunters.

As you can see from the hourly chart buyers anticipated the move setting up long positions from the 45/46 level worrying that it's the last chance to buy the market.

The move in the $EURUSD is not short supportive therefore we have to be really careful, and in fairness the 1.2750$ breakout can lead to buy signal therefore keep eyes well opened.

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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