FX.co ★ EUR/USD technical analysis and key levels May 31, 2011

:: 4H ::

EUR / USD showed possible change in short/mid term direction on the 4H timeframe which we mentioned before .

Pattern 1 2 3 with broken high ( 2 ) gave warning early to possible change in short term direction which was confirmed with further moving to upside

As we mentioned before we need to see breaching of 1.4350 level in order to make sure of the bullish direction

Although targets for the original position were hit ,strong breaching of this level recommends keeping small portions of long positions for further targets

For those who missed the original position can join it if the price retraces directly to areas around 1.4325 to go long with initial target at 1.4400 then 1.4440 with SL below 1.4250

Making lower lows on 1H timeframe on its way cancels this entry .

Important Key Levels for EUR/USD :

Support Levels : 1.4320 , 1.4252 , 1.4129

Resistance Levels : 1.4440 , 1.4580