Mohamed Samy
Technical analysis
Regression channels for EUR/USD currency pair on 4H timeframe shows similar bearish channels for the past two weeks indicating the strong bearish pressure on the pair during this period.
This week, Thursday We had a breakout to the upside indicating weakening of the bearish direction of the past two weeks.
We have two key levels acting as support marked on the chart which are 1.3757 and 1.3700.
The importance of these levels is that they are important demand (congestion ) zone and the retest of the backside of the broken channels.
On the 1H chart, We have two bullish channels indicating the upside movement of the last two days of this week.
Today we have a slight bearish pressure that pushed the pair to break those channels for retracement.
Level 1.3860 is a fibonacci 61.8% of the movement of yesterday & retest level for the backside of the broken daily channels which may act as a temporary resistance for the pair after its break to the downside.
Selling of this temporary resistance or buying at 1.3757 and 1.3700.( mentioned above ) are considered good opportunities for the intraday trading targetting the other level.
SL is 1H break of the mentioned levels.
http://instaforex.com/forex_analysis/38878/?x=OUE
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