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Tuesday, May 17, 2011

EUR/USD - The bullish count is still under threat

My possible bullish count is still under threat, as long as resistance at 143.39 and more importantly 144.23 isn't broken to the upside. Only a break below 138.61 will kill the bullish count entirely.

Zooming in on the hourly chart (see below) we can see, that the minor resistance-line from 149.38 has been broken, which favors that a firm bottom was seen at 140.46, but again we need at break above 143.39 to relieve the downside pressure.







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