Thursday, July 28, 2011

EUR/USD Intraday Technical Analysis - 28 July 2011





Yesterday, We has bearish Daily closure Bearish Engulfing candlestick pattern coming at the resistance area 1.4520-1.4577.

This resistance area is 61.8% Fibonatcci Level and previous top.

Now we have a support area 1.4320- 1.4300 important for the bulls to defend and need not to have daily closure below it.

Break of this support opens the way for the pair to visit 1.4200-1.4170.

Break of 1.4570 opens the way to visit the next bullish target at 1.4700.






Area 1.4330-14300 rejected further decline of the currency pair.

This area is a previous congestion zone, uptrend line ( lower limit of a bullish channel ).

So this area is important to defend in order to keep the bullish view for the pair, otherwise the pair will have a clear way down to 1.4230 then 1.4170.

So it's a good area to buy the pair at with TP at 1.4450 then 1.4570.

SL should be 4H closure outside the bullish channel marked above.

Performed by Mohamed Samy, Analytical expert
InstaForex Companies Group © 2007-2011