EURUSD 16 Aug 2012

Hello all,

Euro consolidated above 1.2240 for last 3 days, unable to break below or overcome 1.2400 resistance. uptrend support channel line now is around 1.2250 that is keeping pair from more loses. Expect another bounce today above 1.2330/50 and later break of 1.2400 for 1.2480/2500 test. Long entry suggested at current levels (1.2275) with stops below 1.2200 and targets first above 1.2350 and more 1.2400.

Thank you

Reza

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Comment by Reza Ajorloei on August 17, 2012 at 8:59am: Yesterday move around 1.2350 confirm bullish trend intact, for today we should see 1.2400 as next upside move. Further bullish move is not ruled out but I think 1.2440 break is not likely for today. long trades recommended for 1.2400 test in coming hours. stops below 1.2330.