EURUSD First Chart Weekly; Second Chart Daily: Last Bar: 22-02-2013. EU almost closed unchanged on Friday after testing 1.3250 resistance level and 1.3150 support level. ON DAILY CHART:An ascending bullish trendline had been broken (on 21-02-2013), however, after the break the pair had respected the support level and other cluster of supports (100 SMA, 50% fib level, 15 EMA on weekly and monthly chart). EU is capped by a descending bearish trendline. This month had been bearish for EU so far, however, we have 1 more week to go before the month ends.The last 6 month has been bullish for EU. There is still a strong bullish momentum on weekly chart, however, that momentum is limited because there are not enough buyers left (The cycle on the monthly chart is high and is turning down). ON THE WEEKLY CHARTThere has been a validated inverse head and shoulder pattern on weekly chart and the pair is now trying to put in the first tradable wave low. If it breaks above 1.37110 it is likely it would go up to the projected head and shoulder target (1.42400). Switching back to daily chart, If the descending trendline that is capping this pair as bearish is broken, we may see EU trade higher to t…
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