A quick look at an Hourly EURUSD chart tells me that not only is 1.3000 going to be tough going, but then we have to deal with the more important 1.3100 level, then the 1.3300 level and then the big daddy of them all, the 1.3410 level. Not to mention the 50 (1.3365) and 100 (1.3300) day moving agerages.
It is a positive sign that the 50 has crossed back above the 100 for the first time since we broke below 1.5500 back in Jul/Aug 08.
As the Daily EURUSD chart shows us, there is a lot of open sky above that 1.3410 level that is just begging to be filled in at some stage but probably not without a retest of the 1.2750/00 region first which i am expecting to unfold during the coming sessions.
I would now be looking to buy dips in the EURUSD back to 1.2820 with a stop below 1.2700 for an initial move to 1.3220/50. Also make sure to buy the break of 1.3410 for a move that could potentially see 1.5000 and should at least see 1.3800.
