The pair is in a bearish channel , it seems to fail to reach the lower limit .
Bullish bounce of the lower limit of the daily triangle and possible double buttom pattern .
Recently the pair broke and closed above the upper limit of the same triangle .
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The pair has broken the short term downtrend line .
Now the pair is testing the resistance level 1.4415-1.4420 which is 50% Fibonatcci Retracement level , Recent top and the intermediate trendline drawn in the chart .
It's obvious also that MACD is trending up .
Conclusion :
Retracement is expected from the current resistance level down to 1.4280-1.4320 which will be a good BUY area .
SL : 4H closure below 1.4250 .
TP : 1.4400 , 1.4450 , 1.4500 .
http://instaforex.com/forex_analysis/32167/?x=OUE
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