EU Analysis 05/03/12
Good morning all and welcome to a new trading week. Last week, EU broke out of the 3486-3385 range on Wednesday and broke 3385 to the down side. The downward move continued till Friday last week thereby making most traders to believe that EU is now in a down trend. Though it seems so on a short term basis, but technically, the fact is that the Bulls are not yet totally overcome by the Bears. The Bears still need to break some prices to the downside before we will totally enter the Bear zone on a long term basis.
Currently, EU is ranging between 3214 and 3183 and this will make our bias on an intraday basis and short term. If EU successfully breaks 3214, then it might be a free ride back to 3286 which might then want to act as a resistance. Likewise, a successful break of 3183 and the Bull TL around there will result in more Bear pressure on EU.

Bull move target 1.35 area before resumption in major bear move[color=#000099][/color]


fxcapitalboom@gmail.com