GamePlan:19/11/12

Market:  Eurex EURO STOXX 50 Index Futures, $FESX_F

Trading Levels:  2430/2480

Target: 2390/2510

Today's price action will be quite interesting to study, as per our Morning Meeting in the first part of the morning session we expect the 2430 level to hold, buyers will step heavily in once the $EURUSD will breakout the 1.2780$ mark.

We need to be really careful once the futures will touch the 2480 level, sellers could step in to capitalize on longs opened around the 30 level on Friday. The range 60/80 is a “noisy” area according to us. therfore we will follow the price action to weight the action to take once the 2480 level is reached.

A breakout of the support will open a quite interesting scenario, with 2390 as an initial target, it's worth to remember that this support is keeping the market afloat since Sept.

Market: AUDUSD, $AUDUSD

Pair pushed higher off of the 200 day moving average and upper channel support creating a large entry signal. With the Aussie in such chop mode this becomes a high risk set-up but it does tick our key boxes. If commodities continue to hold well the Aussie could test recent the 1.040 through to 1.0480 level relatively easily. This makes for a good 1 to 1 or 2 to 1 reward vs risk.

With ThanksGiving around the corner keep an eye on volume!!

Originally posted at www.77sigmatrading.com