EUR/USD Triggers Bearish Reversal Pattern into Key Level at 1.3250

By: MIG Bank | Mon, Jan 30, 2012
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EUR/USD has triggered a potential bearish reversal pattern into key overhead resistance at 1.3250 (38.2% Fib-Jan/Oct decline). Our model portfolio remains long, with a nearby stop at 1.3080.

Only a successful challenge of 1.3250 will unlock fast moves into our next target zone at 1.3440 and 1.3548.

Meanwhile, the bears need to push back beneath 1.3000 (psychological support), then 1.2879 in order to resume the major downtrend lower.

Inversely, the USD Index has triggered a bullish reversal from oversold conditions, around key support at 79.10, ahead support at of 78.30.

This would act as one of the last points of defence for a potential relaunch of the greenback's recovery which is still part of our bullish cycle strategy for a further 20% gain over the multi-month period.

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MIG Bank

Author: MIG Bank

MIG Bank

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Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/
austrian-money-supply/