The EURUSD continued its bullish momentum yesterday bottomed at 1.3175, topped at 1.3262 and closed at 1.3191, but that bullish move was limited and the pair was rising with low momentum as shown on the daily and the 4 hour chart...
Today I assume massive bearish move testing at first the key support 1.3103 , losing this level would lead for the expected massive bearish move testing the key support 1.2994..
Immediate resistance is seen around the key resistance 1.3200 where bounce back to the downside is expected , stability below the key resistance 1.3295 is indeed to keep the bearish move suggested for today valid, breaking of 1.3295 would mix up things and may lead for more gains towards 1.3385 before the next fall...
Recommendations: Sell around 1.3200, stop at 1.3305 , target 1 at 1.3110 , target 2 at 1.3000
27 Apr 2012 05:00 AM