8.12.10 EUR/USD

Well, we managed to get a small bounce. Price bounced off the 23.6% retracement in the overnight session sending prices to a lower low before the New York open. Then again attempted another rally that was shut off at the 61.8% retracement from the over night high, which sent price below yesterday’s value area. I will be watching to see the reaction of a retest of today’s value area high at 1.2884. If rejected I will again be looking for short opportunities in tomorrow’s session. If you like candlestick patterns you’ll notice a nice tweezer bottom on the 30 minute from 7-8 this morning.

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