March 28, 2012
- Google month chart is nearing its resistance line.
- Daily is yet to show weakness. Price if gets resisted at 78.6% and closes below 10 Day EMA may result in a correction.
- Hour chart too looks strong for the bulls. Price continue to trend up above 50 Hour SMA and the hourly cloud. Weakness only if price starts to trade below 50 Hour SMA.
- EURUSD has broken out of the inverted head and shoulders and is moving into a stiff resistance zone.
- Break above 1.3385 should take price towards the 200 SMA and the resistance line. Daily candles need to close above these levels for EURUSD to continue the current up move.
- Falling below 1.3280 will favor a bearish trade on this pair.
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