/1) The above Monthly Chart will indicate the probable support level for EURO/USD at 1.2143 and 1.1217,Below that it would be heading South towards no man Island !!
2.0) But I personally think that the Selling down of Euro IS overdone.! A significant and meaningful reversal shall be in the horizon soon. Traders must look for opportunity to enter positions right now !!
The announcement that a German regulatory body would ban naked short selling and credit default swaps on government debt – removing an avenue of flexibility in hedging ,, --- THIS may be resulting in a strong reversal on EURO/USD !!
2) Proposed Trade Setup for EURO/USD
Entry : 1.2150
Action : Buy/ Long
Stop Loss: 1.2090
Target : 1.2300
Trailing Stop : Yes
Position Wt. --Keep Light and small--
Happy Trading
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