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EUR/USD Preview October 31st 2013

EUR/USD Preview October 31st 2013
Thursday, October 31st, 2013 @ 10:40 am by William Gilday

The daily chart is in a bullish trend as we look at the last 4 days we see a pullback and could be a correction. 10-31-2013 5-37-54 PM EURUSD PREVIEW So mu bias is to be bullish. So we have placed a ABCD fib with A at the price level 1.3107 and the B is at 1.3700 We are looking for a pullback to the 38.2 fibb at 1.3473. So we can look for a bullish candle stick pattern to the D extension at 1.4066. The 2 Hour chart is bearish as we would expect and we have placed a trend line and an aggressive trend line to see when we start to go with the trend to the long side. I would only take a trade if it breaks the otter trend line to the long side where I will be able to place a fib and have an ABCD. The 1 Hour chart we had the ABCD placed and as I am writing this A was taken out however we have 30 minutes till the candle closes. So it might pull back into the AB range we will wait and see. The 15 minute chart we placed a support and resistance range and the support was taken out and now looks like it is pulling back into the range, as we just had bad data from the EURO Zone. So again there is no trade at the moment and we will have to wait and see what price does as we all know not to chase price and let price come to you from your trade plan.

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