EZU – Approaching Supply (Resistance)

Click here to view chart.
EZU (MSCI EMU Index Fund) is approaching a supply zone (=~ 32.30 – 33.20), which also happens to confluence with the 50% Fib Retracement of the downward move from May – Oct 2011.
There has been some bullish news out of Europe recently, primarily due to the potential of a near term Greek bailout deal, after Germany appears to have signaled it’s backing.  As such the price could very well blow past this level.  However, I will be watching this zone closely and would look to  take a short position if there are reversal candles or bearish price action.
This entry was posted in EZU, Fibonacci, Indices, Misc. Setups, Support (Demand) - Resistance (Supply). Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s