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FX.co ★ EUR/USD Intraday Technical Analysis and Trading Recommendations for March 21, 2012

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Forex Analysis:::2012-03-21T14:21:05

EUR/USD Intraday Technical Analysis and Trading Recommendations for March 21, 2012

EUR/USD Intraday Technical Analysis and Trading Recommendations for March 21, 2012

According to the linear regression channels the chart presents the following:

Today during the past few hours, the EUR/USD currency pair made a false bullish breakout of the bearish violet channel then found strong resistance level at 1.3283 which corresponds to the intermediate line of the bullish yellow channel.

Then EUR/USD showed massive bearish reaction towards the resistance level 1.3280 thus breaking the lower limit of the yellow channel with obvious bearish price action which is bearish signal.

The backside of the lower limit of the broken channel at 1.3240-1.3260 will be a strong Intraday resistance area retesting which is a good SELL entry with SL located above 1.3290.

Intraday Support levels are located at 1.3180 & 1.3115 where profits should be taken for the short positions.

Analyst InstaForex
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