The EURUSD was unable to maintain its bullish move yesterday  capped by short term top at 1.2589 ?!!

Today I assume a bearish move testing the lower line of the bullish channel around 1.2460/40 zones, a clear break below this level would lead for massive bearish move and might end the current bullish correction .

Immediate resistance is seen around  1.2520 where bounce back to downside is expected , stability below the key resistance 1.2589 is indeed to keep the bearish scenario suggested for today valid , breaking of 1.2589 would invalid these expectations and might target 1.2700 levels ?!!! 

Resistance : 1.2520, 1.2560, 1.2590

Support      : 1.2490, 1.2460, 1.2410

Recommendations : Selling the pair around 1.2520 targeting 1.2490 & 1.2460, stop loss 1.2600

Best Regards

Haitham653

Views: 301

Comment by Haitham653 on August 31, 2012 at 8:25am

Note: According to 60 min chart , as long as 1.2560 holds , we have strong bearish breakout , breaking above this level would increase the risk toward 1.2600 levels ?!!!

But in the bigger time frames , we still have strong resistance at 1.2589 and I think a test to 1.24460/40 is indeed before the next move ?!!!

Comment by Haitham653 on August 31, 2012 at 10:48am

Hello Peter ...

The question now is ???

Are we going to have double top pattern around 1.2590???

Let's wait and see ?!!

Comment by Haitham653 on August 31, 2012 at 10:59am

According to 4 hour chart EURUSD is rising with low momentum , I think It should take some rest now ??!!!

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