ECM10 – June Euro (Last:1.3421)

A fresh pattern on the daily chart of the Euro futures gives us a midpoint pivot which looks buyable.  The impulse wave in question aborted a gradual turn toward the upside, but there is still the sense that the Euro has been moving more sideways than down for almost two months.  A bounce off of this midpoint pivot, at 1.3317, would accord with that view.  Traders can bid at 1.3320 with a stop at 1.3309, risking about $138 per contract.  If the stop is hit, the “D” target of 1.3040 will be in play.  (Posted by Doug McLagan)  ______ UPDATE (08:19 p.m. EST, April 7): The bounce from 1.3326 during the Wednesday session came close enough to the pivot to raise doubts in our minds about maintaining the trade recommendation.  At this point it is probably best to watch the action if 1.3326 is breached, and look for Hidden Pivot-based indications as to whether a long entry should be attempted.