Tuesday, June 28, 2011

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.

Performed by Mohamed Samy, Analytical expert
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