The Euro made a huge drop on Friday and still has a plenty of room to go.
It stopped at a very technical spot, so I'll be looking at two areas to continue to the downtrend: 1.2420 with best timing before European open tomorrow and 1.2440-50 which may produce a reversal at any time before tomorrow or on Tuesday at the latest.

TL backtest at 1.2405 with couple of other things coming together there is a very short term opportunity, if any, in my opinion.

I also think that we may see 1.2240 region this week, although it may be also posponed by a week. I will post relevant chart once the area will be approached.

Thanks for kicking it off, Marcin.

I'm quite curious to see how a buy the open is going to work here. Remember this closed right at key resistance. The buy the open, basically at retail price at strong resistance (you all know that, for the most part, that's close to or even at the top of the list of things to never, ever do, right?), is based only on the idea that they are going to blow it out, right out of the hole.

This is cool stuff. They open it up strong, hit deep into the area, and now it's grinding down. So, this is a spot, do they let it go, or start it back up? It's not really whether or not I can get good odds figured on that, for me, it's about the fascination I have watching them at key areas. It's so cool to feel one 'knows' where things will happen, and then, like the seven notes of music that can make so many different songs, watching them compose the moves of the market, but pretty much always off the areas. Area to area to area, but always in a different order, a different route. To me, that's just fascinating. Make sense, I hope?

I wonder if they are going to pick it up? 'They' know this is the place. But it looks like it wants to respect the key area. Could they be thinking about bringing it in for better prices in the AM, to a higher degree area, then up? Also, tomorrow is the supposed day for the Grand Jury verdict where they say (with 100% certainty) the cop acted completely justifiably, and riots break out. At last count 85 cities have plans in place for riots (i.e. Martial Law if need be). This 'could' affect the market. The most likely response to massive riots and insurrection would almost surely be a huge up day. ('They' worry negative news could 'spook' the market so they juice it up extra hard to head that off, and then once the worry passes, everyone jumps in like crazy. Seen it too many time to count, it's 'the new norm'. Bad news is good news. (Oh, and good news is good news, too.))

Euro hit 1.2420 area (still valid despite a new low overnight). If this is the correction it needed then the next level is around 1.2355.
I'm not sure if anyone noticed how it behaved around 1.2406 - it gave very short term trading opportunity as expected.

1.2440-50 hit. Let's see if this is enough for the Euro.

I figured I'd pop in early today because I'm bored out of my mind with the ES so far today. Just waiting to see if they let it go here, or come back in. Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz.

Yep. Just noise so far.

Total garbage. It always scares me what might happen if all the money printing stopped. I beg for it every day, and you know that old expression 'Be careful what you wish for, you just might get it"...

nothing makes me happier than seeing the trend resume ;)