If we look at this pair in a Monthly Timeframe, this pair approximately November-December 2009 hits Fibonacci Resistance 68.5% (Marron) at 1.4860 after that this pair has been formed "Bearish Engulfing Pattern" and then this pair suddenly moves to the "South", BUT now this Pair already hit the Fibonacci Support 48.6% (Navy) at 1.2230 levels and the monthly candle starts make "Hanging Man Pattern". If this month (June 2010) candle form to be fix a Hanging Man Pattern and then at the next month (Jully 2010) formed a Bullish candle maybe in August to December 2010 EUR/USD will take an upward movement along with an upcoming "Christhmash Cycles"
By the way In an Intraday TimeFrame We can spot a strong upward Chanelling, If we look after this pair hits Fibonacci Support 48.6% this pair has been bounced upwards, Now seems this pair will reach the target. 1 at 1.2440 levels (This day Strong Reistance) and if this pair has a strong momentum it can be possible hit the 2nd target at 1.2555; Maybe it can be happen because this day is the 3rd Friday at this week, many "Option" will be expired for this day, so expect the suddenly movement for this day, but before it is going upwards, seems this pair must retrace 1st to Fibonacci Support 38.2% at 1.2346 & maybe to Support 48.6% at 1.2330 before it will go up BUT if it can be break all those Support seems this pair will lose an upward momentum & will reach at Support 68.5% and/or 78.6% at 1.2295 and 1.2278.
However, today Intraday important key levels for this pair have been placed at:
Breakout Buy level : 1.2447.
Strong Resistance : 1.2440.
Original Resistance : 1.2428.
Inner Sell Area : 1.2416.
Target Inner Area : 1.2387.
Inner Buy Area : 1.2358.
Original Support : 1.2346.
Strong Support : 1.2334
Breakout Sell level : 1.2327.
Here's the screenshot of this pair for this day:
