Good day traders!

Euro dollar still in a down trend mode. 20130227-224132.jpgFrom the chart, we can see that the pair is trying to go above TL2 after bouncing off TL1. Also take note that we have a trend line within a trend line situation with the smaller but steeper trend line named as sub-TL1 and sub-TL2.

A break above TL2 could see the pair reaching the 1.32 level. Above that would be the 100ema acting as a resistance. Below, we have 1.30 level yet to be broken. If broken, expect lower levels around 1.48.

All the best!

~ Ardy
Chief Currency Strategist