THE PA in the Euro Zone was trending down but was holding at the Short BOT (break out target) at 1374.5. A PB to the Mid level, bounce at the upper TL and a technical SBBO (BO+1 before -1). Buyers enter just prior to the US Open and were paid a +4. So far, looking good.
The issue was that 50CB from around 6:45 AM EST. Sellers were waiting; one push to the EMA, two pushes to the SB for another technical BO. Prior support at 1374 fell, prior target 1370 fell. BO-5 , 10, 15, and 20 followed to reach slightly below the daily SB at 1358.
The end of the day PB scenario was adjusted. A BO run to 10 that fails tends to retrace back to BO-5. Today, it finally settled at BO-20 back to BO-15. Above the daily SB which is important.
The issue was that 50CB from around 6:45 AM EST. Sellers were waiting; one push to the EMA, two pushes to the SB for another technical BO. Prior support at 1374 fell, prior target 1370 fell. BO-5 , 10, 15, and 20 followed to reach slightly below the daily SB at 1358.
The end of the day PB scenario was adjusted. A BO run to 10 that fails tends to retrace back to BO-5. Today, it finally settled at BO-20 back to BO-15. Above the daily SB which is important.
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