Trade posted to TAP at 9:32am ET. Sell EURUSD at 1.2295. So far this week the EURUSD has been in a down trend falling from the 1.2465 area to a low of 1.2250. We have seen a small retrace today back to some key resistance indicators. It is testing under the down trend line and has also broken under the Tunnel and testing the underneath side of that indicator which identifies that level now as resistance. Taking the fibs of the downtrend the .786 fib is also at 1.2297 area. All of these indicators present at the same area point to the fact that 1.2295 is a likely resistance. Looking for an intraday bounce back to the mid 1.2250 area. A break there has potential to see 1.2150 again also.

EURUSD Chart Picture

This entry was posted on Tuesday, June 22nd, 2010 at 8:51 am and is filed under Trading Signals & Strategies. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.