As shown on the 4 hour chart above,the pair is under positive pressure right now, according to RSI on 4 hour , we have 2 important support levels, 1.3140 ( Main) and 1.3170, these 2 levels are pushing higher but form above we have also main resistance at 1.3290, this level is supposed to cap any bullish move, but as I see according to RSI , a bullish breakout is suggested, What should we do ?!!
We need to watch 1.3140 and 1.3290 :
1- H4 close below 1.3140 is supposed to test 1.3050 & 1.3000 levels, a clear break below the last one is supposed to test 1.2500 levels..
2- H4 close above 1.3290 is supposed to test 1.3360/420 area then 1.3500 level, a clear break above the last one is supposed to test 1.3700/800 levels..
Tuesday 20 Mar 2012 08:06 PM