Thursday, April 12, 2012

EURUSD - trading recommendation. Technical analysis (H4)


EURUSD - H4 chart

The rate is still in the consolidation phase. As it's reached important resistance zone (1.3135 - 1.3155) coming hours will determine the further movement direction. The bullish mood looks pretty strong now, so breaking above the resistance (1.3155) is very likely. After that it should move to 1.3195 and 1.3235 later. If it fails, the triple top formation will be confirmed. It will force the rate to strong decline towards 1.3055.

EURUSD - H4 chart


Trade recommendation

Buy after closing above 1.3155
Target levels:
T1: 1.3195
T2: 1.3235
Sell after closing below 1.3095
Target levels:
T1: 1.3055
T2: -

Current resistance levels
  • 1.3155
  • 1.3195
  • 1.3235
Current support levels
  • 1.3095
  • 1.3055
  • 1.3025

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