AS shown on the daily chart posted below, the pair trades around major crossroads, upward , downward , sideways, all options are available!!!!
By checking momentum indicators on daily chart, yes the main trend is bearish but in the next coming few days, the picture is unclear, a daily close above 1.3224 would confirm the bullish breakout and open too many ways to test 1.3300/350 levels, but in return , a daily close below 1.3103 would give us false bullish breakout , then strong bearish move is expected at the opposite direction testing 1.2900 levels.
Today I assume a random move between 1.3103 and 1.3224 before the next destination, strong fluctuation is expected to see around both levels ...
Recommendations : sell between 1.3185 / 1.3212 , stop above 1.3295, target 1 at 1.3105 , target 2 at 1.3030 OR stay aside waiting for a clear break below 1.3100 or above 1.3224...
Tuesday 24 Apr 2012 07:08 AM