Yesterday's high 1.4890 low 1.4754 close 1.4836..
you should easily notice Fibo 123.6 correction at 1.4764 , the pair respected that level over 7 timed this week and the past one , also the pair keeps ranging around EMA 20 , EMA 50 is ready for any emergence thing , Macd still above the zero line and the most important RSI line is serving as strong resistance ,while the zero line is serving as strong support and ,RSI now is narrowing between them , we should expect a breakout soon around the point A on the chart ...
I can summarize all what I've said above that the bulls still taking over , RSI.MACD EMAs ...etc but CCI has something different to say ?!!
What I love in CCI indicator , CCI works in a different way of the other indicators ?!!
CCI can be used as an early warning ?!! like astrologers ..it can predict what's going to happen next , or what are the surprises can happen soon ...etc
CCI on 4 hour is trading above +100 and below -100 in a bearish mode below the trend line , this a negative sign for the bullish trend , beers is doing something or something about to happen soon?!!
Also check out the second chart , the daily one , CCI is moving down while the price keeps going up !!!! Strong bearish correction , or change in trend direction may happen soon ?!!!
Don't forget , if today close is below 1.4901 , the pair will find new resistance on daily at 1.4901 high of 02 May 2011...
Major Support 1.4700
Minor Support 1.4790
Major Resistance 1.4900
Minor Resistance 1.4850
Trend Direction : Sideways
Trading Range : 1.4750 - 1.4900
1- Buy the pair at 1.4790 S/L at 1.4740 T/P at 1.4890
2- Sell the pair at 1.4880 S/L at 1.4930 T/P at 1.4790
or according to the weekly report buy the pair at 1.4930 S/L 1.4865 T/P 1.5140