Euro Technical Major Currencies (2011-07-22)

By @ibtimes on

Morning Report

Returning to the previous reports, we can see that the upside possibility strengthened since the breach of 1.4285 yesterday, where this level was the B top of the Gartley Harmonic pattern. Areas of 1.4420 and 1.4490 are considered the PRZ for the suggested bearish pattern. The general move might reverse to the upside, yet momentum indicators are within overbought areas and also the bearish harmonic structure support the likelihood for a downside move today which requires stability below 1.4490.

The trading range for today is among the major support at 1.4150 and the major resistance at 1.4565.

The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

Previous Report

Weekly ReportSupport1.43301.42651.42151.41651.4110Resistance1.44201.44501.44901.45351.4565RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.4400 targeting 1.4330 and 1.4265 and stop loss with four-hour closing above 1.4490 might be appropriate

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