12.06.2013 6:30 GMT

Eurodolar is on very interesting level now. After breaking 1.32400 and negate Head and Shoulders pattern price reached resistance on 1.3320. It’s made by high from 25.02 and just near there is 61,8% Fibonacci retracement of whole down trend.

Traders should consider longs only because of strong bullish momentum, thats why waiting for 1.3240 or 1.3180 supports is best option. Those are good levels to open longs if there are some clear signals like pin bar.

Breaking resistance area (marked blue on chart) will bring price up to next strong resistance – 1.3500.

Near future of EUR/USD?

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Comparic.com Editor-in-Chief. Trading since 2004, professionally connected with Forex market since 2006. Fan of technical approach to the markets – currently focuses on Ichimoku Kinko Hyo and Price Action strategies. He focuses on favorable risk-reward ratio in his own transactions. Speaker at many conferences on investment in capital markets, as a lecturer he cooperates with the largest brokerages in Poland and in the world. Vice President of the FxCuffs Foundation – Education and Development of Financial Markets.