EUR/USD Intraday Technical Analysis July 28, 2011

Yesterday, We has bearish Daily closure Bearish Engulfing candlestick pattern coming at the resistance area 1.4520-1.4577.
This resistance area is 61.8% Fibonatcci Level and previous top.
Now we have a support area 1.4320- 1.4300 important for the bulls to defend and need not to have daily closure below it.
Break of this support opens the way for the pair to visit 1.4200-1.4170.
Break of 1.4570 opens the way to visit the next bullish target at 1.4700.

Area 1.4330-14300 rejected further decline of the currency pair.
This area is a previous congestion zone, uptrend line ( lower limit of a bullish channel ).
So this area is important to defend in order to keep the bullish view for the pair, otherwise the pair will have a clear way down to 1.4230 then 1.4170.
So it's a good area to buy the pair at with TP at 1.4450 then 1.4570.
SL should be 4H closure outside the bullish channel marked above.

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