EUR/USD Daily Update, Tue 14, June 2011
Good morning,
market has formed contradicitive signals, so that does not make our analysis easier.
On daily time frame we see bullish stop grabber. This increases chances that daily B&B with target 1.4550 has started already. IF market will form something like that today and tomorrow with close above pivot, then I suppose, we might say, that market even will take out the highs at 1.4650.
Daily trend is bullish, market neither oversold nor overbought
On 4 hour chart we see next resistance stands at 1.4422. This is very important, because it also stands near high of nasty black candle. If market will erase this candle - then conclusion is obvious - market even more bullish then it seems now.
Hourly chart adds to 1.4422 also an Agreement with 1.618 1.4434 target. So, that an area to watch for during today's trading session.
Since market not at oversold - there are no barriers above it and we can use any nearest Fib support to enter Long. This could be 1.4375 or 1.4363-1.4365.
Stop could be placed below recent swing low 1.4339