EUR/USD Intraday Technical Analysis & Possible Scenarios - June 28, 2011
Bullish bounce of the lower limit of the DAILY triangle.
This rebound delivered the pair up to the short-term resistance level 1.4300 - 1.4360.
On 4H chart , The area of resistance 1.4300 - 1.4360 mentioned above is obvious. This resistance is a confluence of : 38.2% Fibonatcci Level + 61.8% Fibonatcci Level + Short Term Down trendline.
At this time, the pair failed to break this resistance level with a reversal shooting star. This may bring the pair down to 1.4250 - 1.4210 at least with observation of 1.4230-1.4200 levels for a rebound for a possible LONG positions.
Based on the Previous analysis:
- Failure of break of this level gives the SHORT signal at 1.4300 - 1.4330 with TP at 1.4250 - 1.4210 - 1.4190 - SL should be 4H closure above 1.4350.
- Direct break of 1.4350 gives the LONG signal with TP at 1.4430 -1.4500.