Game Plan 17/07/12

• Resistance Area : 2259/2264, It's important to be really careful here, because we are opening just on the resistance area, the risk to be whipsawed is quite high.

A breakout of the 2259/2264 area can drive the market to 2290/2300 target

• 1 st: Support : 2230
• 2nd: Support: 2210

Since the 4th of June we are in an up-trading counter-move to the Line of least resistance (that is downward sloping). The question most of us are facing is: are we in a new trend? or it's just a pull back?

The cross is in a downward trending channel, it's important to observe the price action around the 1.2250$ level.

• A breakout of the 1.2250$ level will bring the cross down to 1.2162$, a multi-years low
• A breakout to the upside can lead to a quite interesting move, with a target at 1.2450
  
  $.

Originally posted at www.77sigmatrading.com