Good morning, traders.

I'm back with a portion of charts, which hopefully will end my period of uncertainty in trading. It's likely that the picture on EURUSD clears soon.

 

Yesterday price finally hit the major resistance line at 1.3385. This level proved its strength, and the pair unhesitatingly reversed to start the bearish impulse. I'll go ahead and tell you that I see this point as the possible start of another high-time-frame bearish impulse, that will lead EURUSD below 1.30. But now let's focus on intraday forecast.

At the moment I've recognised the typical 5-wave impulse construction, still in progress though. A possible layout is shown below.

On 1 minute chart there's a minor downtrend channel, in which price is likely to remain during the Asian session.

If the downtrend continues, the nearest support levels for EURUSD are 1.3285 and 1.3245. On the upside, buy stops can be set right above 1.3385.

Wish you a profitable trading day!

Views: 275

Comment by Areej Shehri on March 28, 2012 at 12:32pm

very helpful and i agree with you on that ..

best of luck

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