By taking a quick look the monthly chart , we have bearish breakout at 1.3211 – low of Sept 2011 – Williams indicator suggests possible trend continuation , will the pair test this level once again as did in the past Feb before resuming the long term bearish move ?!!!!
Let’s shift down to weekly chart, bearish breakout at 1.3185 – low of the week 19 Feb 2012 – will the pair find strong resistance around this level ?!!!
Finally, the daily chart, we had bearish breakout at 1.3185 –low of 02 March 2012 – match the weekly one at 1.3185, and another one on daily at 1.3212 – low of 03 Apr 2012 also match the monthly at 1.3211 !!!!
Keep in mind , after breaking of 1.2971 with daily closing the risk has increased toward 1.3185/1.3212 levels , also remember the double top pattern around 1.3485 is protected by 1.3185/1.3212 resistance levels!!
So a clear break above this area would increase the risk toward 1.3485 high of Feb 2012 !!
It’s highly recommended to watch activities of daily chart, anticipating any reversal patterns !!!
Strong turning points ; Market's going down 1.3185 - 1.3212
Strong turning points ; Market's going up 1.2971 - 1.2391
Best of Regards