FX.co ★ EUR/USD Intraday Technical Analysis & Trade Recommendations for January 24, 2012

Yesterday, the EUR/USD pair failed to stabilize below 61.8% Fibonacci level at 1.2900.
After a failure to do so, the pair resumed its short-term bullish move towards 1.2970, as expected, and did not manage to stay below it too.
Break through 1.2970 and successful retesting of it opened the way directly towards 1.3075, which is continuing now.
Level 1.3075 is the last resistance level on the short-term scale, which, if broken, will make the pair reach 1.3190 very easily.
Now we should wait for a BEARISH price action towards 1.3075 to catch a SHORT position on EUR/USD with TP at 1.2975, 1.2905 and 1.2850.
BEARISH price action is manifested in an Inverted Hummer, a Bearish Engulfing or any strong reversal candlestick to confirm our entry.
OBVIOUS BREAK of 1.3075 gives the LONG entry towards 1.3190 after successful retesting of the level.