EURUSD ; Risk to 1.3350 Has Increased With Triangle & Double Bottom Pattern !
If we take a quick look to the daily chart , a possible triangle is suggested , ranging around the key support 1.3100 and the key resistance 1.3300..
Well, the daily RSI also supports this point, It found strong support around 1.3033, If we shift down to the 4 hour , the pair has formed double bottom pattern at 1.3033 , momentum indicator's showing strong reversal signal..
I think the level that needs to be watched is1.3212, low of 03 Apr 2012 , on daily chart we have bearish breakout at this level, also this level is the pivotal level of the last fall 1.3385/1.3033 , a break of 1.3212 would open risk towards 1.3350, I think 1.3250 is minor resistance and easy breakable ...
Remember, stability above 1.3170 will keep pushing toward 1.3210, a break below 1.3170 would push towards 1.3100/1.3080, a clear break below this area would open risks towards 1.3030, only a clear break below the double bottom 1.3033 should end this positivity and it would resume the long term bearish trend testing 1.2800 levels...
Anyway, If the pair breaks above 1.3210 , I recommend observing trading around 1.3300/50 levels anticipating short signal...
Friday 13 Apr 2012 08:00 AM