1- The long-term bear channel resistance around 1.3350/70 area.
2- 38.2% Fibonacci retracement of August 2011 highs to January 2012 lows at 1.3360.
3- The neckline of double top pattern on 4 hour at 1.3365.
4- The low of Sept 2011 1.3361 , the first monthly candle that closed below EMA 50.
5- Daily RSI touched the 60 level, suggests possible reversal , a trend continuation, a break below the 60 level would give the pair strong bearish momentum..
Well, A rejection from this level probably would test the neckline 1.3000, a break below 1.3290 is supposed to add strong bearish tune to the pair but losing 1.3190 definitely would test/ break 1.3000.
A clear break below 1.3000 would confirm the head and shoulders patterns and it would test 1.2500 levels very soon , that would be a trend continuation for long term trend..
If however the market breaks above 1.3365, the area around 1.3800 is suggested , according to monthly EMA 50 , a monthly close above 1.3361 - a few days left - would test the area around 1.3800 high of Nov 2011 , around this level as I said we have also 61.8 retracement of late Aug high and Jan low around 1.3800..
Tuesday 27 Mar 2012 06:44 AM