EurUsd: the Bulls aren't so strong after all

I have a nice resistance zone between 1.2415 and 1.2441. On daily chart the trend is still down and the fibs are still holding. Yes I know there was a nice bullish engulfing on a weekly chart but fundamentals just don't back it up .. not yet.

Here's the daily chart and this seems to me another bear flag but I could be also wrong:

Now a wide 4h chart to point out the SR zone I was writing about previously:

If the price manage to go further north of this resistance a next level to look for some sell could be the 61.8 fib in line with the weekly R1 pivot.

Here's also my 5m chart if of any use to you .. ;)

Another daily chart to back up the bull scenario:

Happy pipin'

Tags: EurUsd, analysis, techical

3 members like this

Comment by No money on August 7, 2012 at 5:58am: Thanks Pipo. Regards

Comment by pixta on August 7, 2012 at 7:29pm: Hi Pipo

yes seems they wanna just talk with u ...

Comment by Pipomatic on August 7, 2012 at 10:43pm: Better to be on the back and riding them (bears also) then being in front of them. :P

So far the resistance zone holds like a charm. But even the bears are shine. Let's see what brings up tomorrow.