Regarding EURUSD, here are my recommendations:

– Buy small at 1.2815

– Buy medium at the trend line support from the bottoms at 1.20, currently around 1.278.

– Buy big at the fibonacci retracement of 1.2735 IF the move down occurs during the same day the trend line support is temporarily broken. A daily close below this fibonacci level and the trend line resistance, (if this happens) would be extremely bearish.

– For the risky players, one might consider shorting on a rebound to 1.2885-1.2890 with the entry points above as exit points.
Yesterday saw a risk-off impulsion based on euro crisis concerns and earnings weakness.

Currently the market is making a pause before attempting to hit new lows. By looking at a daily chart, we can see clearly that the EURUSD is going to soon test some key levels. If we fail to rebound on the trend line support from the bottom of this year around 1.20 in the coming days, then the bullish impulsion on EURUSD will be under scrutiny because it could very well be that we are looking to break the weekly pattern that has been built for the last three years (oscillation between 1.5 and 1.2) and go below parity(! aka the final stage of the euro disease). For the moment we maintain our bullish view, and consider the area of 1.27x as a strong buy opportunity. It is possible that the horizontal support at 1.2815 is strong enough to hold any further move to downside, and that a rebound to the upside would occur once the trend line support reaches the 1.2815. Notice that the 200 DMA is still in this area as well.

http://imageshack.us/a/img542/4144/eurusd101012lo.gif

For the moment, it is wait and load your guns with your bullets.