FX.co ★ EUR/USD Intraday Technical Analysis December 1, 2011

EUR/USD 4H CHART

Since October 27, EUR/USD currency pair has been trending down inside a bearish channel marked on the chart.

In the past few days EUR/USD had been moving sideways inside a consolidation zone 1.3275-1.3400.

Yesterday we had a breakout to the upside also breaking the marked bullish channel extending since October 27.

The pair didn't re-test the broken consolidation zone or the backside of the broken channel yet.

The most prominent resistance levels are: 1.3580 then 1.3800.

The most prominent support levels are: 1.3380, 1.3280 then 1.3215.

Based on the previous analysis:

There's a long opportunity at retesting of support level 1.3380 with SL placed below 1.3260

TP should be at 1.3440. 1.3500, 1.3570, 1.3600 then 1.3670.