|EUR/USD Technical - 28/Feb|
|Written by Praful Patat|
|Monday, 28 February 2011 05:48|
EURUSD is forming ABCD pattern still in progress from Fib No 61.8% at 1.3537 from 1.3427 to 1.3715, extension 127.2% at 1.3792, 161.8% at 1.3891. EURUSD is still up trend in progress toward projection 1.3892. EURUSD break of daily PP going further up side 1.3842 daily resistance. EURUSD is still above up trend line and if break of up trend line at 1.3705 further going down side target 1.3644. EURUSD is also forming Head and Shoulder pattern on 15min chart, confirm at if back from 1.3662 then going down side 1.3722 and back from here then confirm after break of 1.3662 level. EURUSD is also forming triangle on 15min chart.
Strategy: Buy at support or Sell at resistance.
New High: 1.3795, 1.3852, 1.3809.
New Low: 1.3681, 1.3738, 1.3695