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Imperial FX Online - www.imperialfxonline.com
ImperialFXonline: Daily EUR/USD Trading StrategyDaily EUR/USD Trading Strategy
Resistance levels:1.2440 / 1.2523 / 1.2739 / 1.2803 / 1.3094
1.2234 / 1.2145 / 1.2010 / 1.1900 / 1.1704The euro's breach of the 2008 low of 1.2330 resulted in an exhaustive fall to 1.2234 in the Asian session but the short-covering rebound from there has alleviated some of the downward pressure and we will see minor consolidation before prospect of another selloff later (bearish sentiment still remains especially with the concerns over the prospects of the single currency due to the debt contagion in the eurozone), below 1.2234 would bring resumption of the medium-term downtrend from the record high at 1.6038 towards 1.2180 and then fibonacci projected target at 1.2145.Our short entry has been filled and only a move above 1.2523 (previous support) would indicate a minor low formation and risk retracement towards 1.2600 level instead.Written by www.imperialFXonline.comJoin Us and Strategize Your FX Trading Now!!
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