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1. 21 July 2010
Forex Analysis – EURUSD – 21st July
EURUSD CHART

EURUSD CHART

Trend Direction: Bullish.

Trend Reversal Level: 1.2500

Key Support Levels: 1.2890, 1.2800, 1.2760, 1.2700

Key Resistance Levels: 1.3000, 1.3100

Entry Strategy: Buying dips in an uptrend while market trades above our trend reversal level.

Trade Suggestion: This pair on a technical basis is trading above minor bullish channel resistance line and now pulling back after it tested twice 1.3000 giving us a double top as well. Yesterday prices went as high as 1.2930 and did not sustain above key level 1.3000, which is bit of a concern.

Now we are seeing a pull back on this pair after a failure to trade above 1.3000 level, however this pair might find key support at 1.2800 level, which is a support from minor bullish channel and fib level as well. As on conservative basis we look to go long at 1.2800 levels after that we need price to hold at that level, targeting 1.3100, 1.3300 followed by 1.3500.

Aggressive trade is to go long after the break above 1.2900 targeting 1.3000.

Note: 1.3100 is a significant key level for this pair.

Alternate Scenario: Consider going short if prices break below 1.2800 key support area targeting 1.2760. 1.2700 followed by 1.2500

2. Trend Reversal Level: 1.4940

Key Support Levels: 1.5200, 1.5270, 1.5150, 1.5050, 1.5000

Key Resistance Levels: 1.5300, 1.5470, 1.5630, 1.5960

Entry Strategy: Buying dips in an uptrend above our suggested trend reversal level.

Trade Suggestion: On this pair we have seen a pull back from its high from 1.5471 , which is also a resistance level. As this broke out of the weekly bearish channel, it is now currently testing that broken channel resistance and bouncing off those levels. As we suggested yesterday this level could be a key support to hold prices. Price did exactly that and bounced back.

We also suggested to go short if prices break below 1.5200 targeting 1.5150, price went to that level and found support and reversed and currently trading at 1.5300 level.

Our suggestion is to go long after the break of 1.5300 targeting 1.5400, 1.5470. If price breaks above 1.5470 it will then open doors targeting towards 1.5525 & 1.5725

3, Trend Direction: Bullish. Trend Reversal Level: 0.8630 Key Support Levels: 0.8800, 0.8760, 0.8740, 0.8700, 0.8650 Key Resistance Levels: 0.8850, 0.8900, 0.9000 Entry Strategy: Buying dips in an uptrend above our trend reversal level. Trade Suggestion: This pair has bounced back from it support level 0.8650 and currently trading at 0.8810 level. Yesterday it broke it’s [...]