Time Frame: H4
The EURUSD's resistance has been broken and it turned into support near the price of 1.3200 last week (24th - 28th of December, 2011), therefore the pair has already formed a strong resistance at 1.3215. Moreover, after it had not managed to close above 1.3216 and the pair started showing a bearish market at this level, it became notable that these levels coincide at strong levels for bulls on H4 chart, and the pair formed a strong resistance at the level of 1.3215. So the pair will have a downside momentum which is rather convincing and the structure of the downfall looks not corrective, in order to indicate a bearish possibility below 1.3215, thus it will be a good sign to sell below 1.3215 with the first target at 1.3020 and it will call for a downtrend in order to continue being bearish towards 1.2940. However, it should also be noted that the price has still been trapped between 1.3215 and 1.2850. As well as that the RSI and the last strong support (around the double bottom (1.2857) on H4 chart) are still calling for uptrend at this level. So the market indicates a bullish opportunity on level of 1.2857 on H4 chart with a first target of 1.2940 (Pivot point), and continue towards 1.3020.
According to previous events, the price has still been trapped between 1.32 and 1.2850.
Buy above 1.2855 with target at 1.2940 then 1.31.
Below 1.32 look for further downside with a first target of 1.3020 then 1.2940.
R3: 1.3020
R2: 1.2995
R1: 1.2964
PP: 1.294à
S1: 1.2908
S2: 1.2883
S3: 1.2852
Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate.
Buyers are BIDding at a lower price.
Sellers are ASKing for a high price.