24.06.201110:55 Forex Analysis & Reviews: EUR/USD Intraday Technical Analysis & Trade recommendations June 24, 2011

Long-term review

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On the daily chart , the pair is trapped inside a triangle .

This triangle needs to be broken to identify the next destination of the pair .

We need to see either break of 1.4500 to the upside or 1.4050 to the downside for more targets .

On the 4H , the pair is trapped inside a shorter term triangle which need to be broken also to detect the next possible direction

The pair made a rebound from the 78.6% from the last upside swing .

This rebound extended up to 50% Fibonatcci of yesterday's down swing .

1.4300 is the key level for Friday's movement . Trading above it enhances bullish pressure , vice versa .

Break of 1.4300 to the upside opens the way up to 1.4440 the psychological resistance level .

Trade Recommendations :

Buy at levels near 1.4220-1.4250 with TP at 1.4300 , 1.4350 then 1.4400

SL should be 4H closure below 1.4200

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