EURUSD - H4 Trade Setup - 21 Dec 2012

At the chart posted above we have 2 patterns , one is bearish in short term , the sell zone is between 1.3235/1.3272, the pair may fall below this area or test this area then drop to 1.3175/1.3125 levels, the second pattern is bullish in long term but a breach above 1.3308 is indeed to activate this pattern, any breach even with few pips above 1.3308 will target 1.3380/1.3550 levels , If the pair breached above 1.3308 then failed to close on H4 above this levels, this scenario would only delay the bullish move to 1.3380/1.3550 levels, If seen we might see some pause or small correction before flying to 1.3380/1.3550 levels...

SHORT EURUSD below 1.3272 with 1.3215 & 1.3175 as next targets, stop at 1.3310.
LONG EURUSD at 1.3310 with 1.3380 & 1.3550 as next targets, stop at 1.3180.

Best Regards

Haitham

 

Views: 625

Tags: EUR/USD, EURUSD

Comment by Haitham653 on December 21, 2012 at 6:30pm

Bearish momentum breakout on the 4 hour chart at 1.3173, 4 hour close below this level will open the way to 1.3080/1.2970 levels, 4 hour close above 1.3218 will flip bias back to the upside and target 1.3300 levels...

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