UPDATE: $EURUSD - thoughts about 1.3150

I read the $EURUSD stream for a few minutes last night on Twitter/StockTwits, and was surprised to see how many people were saying the 1.3150 area was good support, and/or a place to buy on a retacement to go higher.

Not sure why, but it made me think the following:

• We'll never get down to 1.3150, and the EURUSD will head back up  (I was wrong)
  
• If we do get a bounce, it won't hold for very long  (So far it bounced from 1.3160)
  

The first option has already failed, so I'm thinking that the bounce from 1.3160 won't hold for very long. 

Today, the daily 20ema is starting to slope down, and also provided resistance.  The stock market also appears to be potentially slowing down.  Since the dollar and stock market are generally conjoined more often than not, if one tanks, the other will generally follow. 

Tomorrow will be an interesting day, and should help me determine whether I bring my stop loss level down closer to the current action.

$EURUSD daily 3/5/2012