- 03-30-2012, 03:48 #1
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EUR/USD Full Analysis With Entry Points
I done the analysis yesterday but it's still valid.
In the long term the price has been consolidating since the high of 2008 at 1.60472 with no real indication of a strong prominent long term trend. In the weekly chart you can clearly see that there has been lower highs at 1.60472, 1.51465, and 1.49319. And there has been a lower low at 1.18797. This gives this consolidation a bearish bias but itís not clearly evident. However I always say point out the obvious first since those are the points of most interest to traders around the world. And that is clearly evident.
In the medium term the fall from 1.49319 to 1.26192 isnít over yet. For this to be over we would like to see a break above 1.34930 that should pave the way to at least 1.39406. This will also break the 200SMA. We expect this to be a strong resistance level and a whipsaws are more likely since itís going against the medium term trend. We will look for strong price action movement, momentum, and volume to pin point a valid breakout.
To the downside we are looking for a clean break below 1.3000 psychological support level. This will extend the fall from 1.49319 down to 1.26192. A break at 1.26192 will extend the fall to test the major psychological support level at 1.18797. This would be a very good set up to occur since itís going with the medium and long term trends. Both 1.26192 and 1.18798are very evident on the chart so we are expecting strong action around those areas
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