Directly from Vladimir Ribakov's Live Trading Room
We have two possible scenarios for this pair one is Bullish and one is Bearish. Lets take a look at the Bullsih opportunity first. We have a nice flag pattern that has formed on the H4 charts. If price manages to break up through the flag, look for the following. First we want to see the Bollinger bands start open and then we want price hold above the break of the flag. What I mean by hold is that I want to see price break through the flag retest the flag and hold above it not close below back into the flag pattern. If the following conditions are meet that will be our buy signal and our target will be around 1.344 area. Our Bearish scenario will be on the H4 charts as well and if we get a break below a retest and hold below 1.3030 this will be our signal to sell and should open the doors to the next support area which is 1.2960.
EURUSD trade setup February 07, 2012
EUR/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3