EURUSD Chart & Notes for December 12, 2011

Updated EURUSD chart for December 13, 2011
Possible Head & Shoulder Formation on longer term chart ( this is bearish if that neckline breaks which today looks to be broken)

EURUSD Chart & Notes:
1)getting very close to key support
2) well under 20day /50day /200day sma's
3) if holds 1.29/1.30+ considering an FXE call option play for a bounce back up
4) in June 2010 we went towards 1.19 area before the huge runup to 1.49+
5) risk reward looking good unless 1.28 fails *near the  Jan 2011 lows
6) would like to see it base or could fail badly

Euro US dollar Chart & Key levels :
we are nearing the Octover 4th, 2011 lows of 1.3146
will be key to watch EURUSD this week .. if that level breaks could continue to 1.30/1.29 very quickly .
If bases considering an FXE call option play
So Where is EUR/USD ( #EURUSD ) going from here ?
Double click chart to see it clearer on a separate window.

Posted in Charting & Analysis