Technical Analysis
2012/08/17
EURUSD - Anticipating Price Rise.
Yesterday's high was 1.2374 and the low 1.2255, closing out the trading day at 1.2355.Major support lies at the 1.2199 level while the major resistance threshold is 1.2483.
For today, we anticipate a general rise in price.If you're going to enter this market, we believe the 1.2325 level to be a desirable entry point.
Should the market trade through the 1.2356 resistance level, look for a minor breakout.
If you are already in the market or get into the market around 1.2325 , we would look to take profit if the market reaches 1.2415.
Should the market move against your position, a prudent exit point would be the 1.2301 level.
| Orientation | Entry | Target | Stop |
| LONG | 1.2325 | 1.2415 | 1.2301 |