Good day traders!

The chart below shows the pair in the H4 and it is showing attempts to base at that level based on price action that we see’ aka the pintail candles appearing at that base.20130227-233713.jpg

Lets see how the pair looks like on the daily time frame.

20130227-233856.jpg

The above chart shows that the pair is consolidating above a support line that also happens to be the 23.6 Fibonacci level.

Take note of the fundamentals for the euro, it isn’t nice. I would rather stay put now and short this pair if ever it retraces up. The 15 and 21 ema on the daily TF would be where I would place my entry.

Good luck.

~ Ardy
Currency Strategist
ForexAchievers.com