EURUSD: Daily chart - bearish bias below 1.3290 levels !

As shown on the daily chart, the pair was rejected from the key resistance 1.3161 after fake breakout above this level, another rejection was seen from the key resistance 1.3070, however, stability below 1.3070 levels could mean a return to the 1.2745 levels, below this level is likely to have large bearish move, but a break below the key support 1.2625 is needed to open the way towards the psychological level 1.2000..

On the upside, to neutralize the bearish attack and weaken the key resistance 1.3710, the pair needs to hold and consolidate above the key resistance 1.3290 on a daily closing basis, If seen, this scenario will have large bullish implication , and sooner or later the pair would target 1.3795 levels,where a breach will turn focus on the 1.4088/1.4172 levels.

In all, the pair will remain biased to the downside with eyes towards / below 1.2745 levels, as long as 1.3289 - 21 Feb 2013 high - holds, note that this level - 1.3289 -  was rejected at 1.3318 - 25 Feb 2013 high - where price action sent the pair towards 1.2745 levels..

Best Regards

Haitham

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