The euro was showing some strength last Friday after an extended downtrend from the 1.5140 top. The pair pulled back from the 1.2600 resistance where an upside breakout would trigger further short-term gains while below the 1.3100 level I would still treat the upmove as corretive. The 4h timeframe shows a bullish 1-2-3 reversal which with a trend channel overshoot. As long as 1.2300 level is support I will look for bullish setups on the 1h timeframe.
Potential for corrective upside in EUR/USD
This entry was posted on Monday, May 24th, 2010 at 9:54 pm and tagged with EURUSD and posted in analysis. You can follow any responses to this entry through the RSS 2.0 feed.
Tag Cloud1stthrust 123pattern AlBrooks atr AUDUSD breakeven breakout confluence correction DAX doubletop ECB EMA entry EUR EURCHF EURGBP EURGBP pullback EURNOK EURSEK EURUSD exit fakey FED fibonacci firstthrust flag flow futuresmag GBPCHF GBPJPY GBPNOK GBPUSD GBPUSD pullback headandshoulders insidebar keltnerbands measuredmove mistake performance pinbar pivotlevel priceaction psychology pullback range recap reversal s&p500 setup stoploss strategy support tactics takeprofit trend trendline USDCAD USDCHF USDJPY
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