As we have mentioned in our Daily Market Analysis of yesterday, the EUR/USD retreated to the 1.2469 level, then it rose to the 1.2523 level, as a correction step to the bearish trend.
We also notice on the 4 hours chart, that the prices succeeded yesterday in breaching down the ascending channel, and we also notice on the above daily chart that the prices are in the step of forming the Double Bottom which confirms the decrease of the Euro towards the main support level of 1.2469 $, and should it breach down this level, the next target would be towards the 1.2406-1.2380 area.
We notice on the 1 hour chart, that the following indicators: MACD, CCI, SAR, give us a signal of upward movement of the prices on the short term, so we expect that the Euro will recover at the beginning of today trading and it should rise to test the 1.2540-1.2573 area, this represents a great opportunities to enter a sell positions, and we advice our dear traders to enter a stop loss at $1.2590 which represents the main resistance level.
Nice trading all
(Source http://www.mbcfx.com/news/news_en26_06.html )