Any price action hitting below 1.2209(the recent low) will resume the downward trend moving toward 1.1875. The breaking above 1.2466 may resume upward target at 1.2569 (38.2% Fibo Retr from 1.3691 to 1.1875) , Please refer to Chart A (H4) and Chart B (Daily)below.
The recent reversal/ Recovery from 1.1875 shall be completed at maximum level around 1.2466, and from this level onward we may expect another plunging even very far below the 1.1875 (recent low level).
From Chart B (Daily). you may spot the divergence.
Chart C (H4) showed the range bound movement of the price action. The candle on Friday 's close is at the top cloud line of Ichimoku chart, indicating a possible bearish move, but we require further Price actions on next Market open to further confirm its direction.
In general, I am still very Bearish on EURO/USD on longer Term, Fundamentally the Euros has not changed much since the Recent Plunge at 1.1875,, may have more bad news from France and Spain. With the expected mild recovery from US and its relative better growth rate as reported by IMF recently,, the USD should stand up better against Euros....
Strategy for trading EURO/USD
Range-Bound TRADING MAY CONTINUE , so determine the price range, enter and exit near the upper/lower limits . If you are not experienced traders,, Stay aside.....Only good trades meant for Experienced Scalpers.
I will post later on the subject " Scalping"
Please do wait for (be patient) until the pair has broken the critical levels as listed above,, then you can continue to trade happily as the pair will move (either ways) freely thereafter...
Chart A(H4)
Chart B(DAILY)
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