The cause of late night US Dollar weakness was stop loss order that triggered the Euro rally forcing Euro to get closer to another chart point 1.3380. Euro, which yesterday saw highs of 1.3342 in early European trading session due to strong German data IFO, indicating better business sentiment fell on disappointing statement by the European commission confirming that Euro-zone economy is heading for recession.

Today, we could see some upside move towards and beyond 1.34, as Euro will find support around 1.3330-35 levels, but I am expecting choppy and uncertain market behavior with unclear direction due to weekend and 1.3310 should act a strong support line for Euro. However, I will remain cautious once Euro reaches 1.34 zone.

Therefore, catching bottom and top of the range would be safe to play rather than jumping to catch the trend. It’s a tricky day ahead.  

 

 

EURO @ 1.3366 = Euro buying is preferred around 1.3350, but suggest taking profit around 1.34 zones and would sell the currency if 1.3435-40 seen.   

 

GBP @ 1.5740 = I will be more comfortable buying Cable around 1.5710-20 with Stops if 1.5680 surrenders. My target for the day is 1.5780-85, only break could push it towards 1.5815.

 

YEN @ 80.12 = Yen is a good buy around 80.15-20 levels, as long as 80.40 holds. Looking for a test of 79.88

 

GOLD @ $ 1779 = Gold may hold $ 1774-75 for another test of $ 1787, but buying around top could be risky

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Comment by UmairButt on February 24, 2012 at 6:10am
asalam u alikum..sir what u say buy on dip? which level? or it could b a reversal?
Comment by asad rizvi on February 24, 2012 at 6:20am

Umair, I have clearly said Euro buying around 1.3350 is preferred, which means do not buy at 1.3366 when I wrote my blog as I ecpect Euro to drop. Now around 1.3350 is your call if would want to wait for further dip or want to purchase at 1.3358. My idea of calling top or bottom is provide protection and minimum possible loss if the market goes against my call. I cannot make correct call all the time, but I am a happy that so far my calls have been over 90 pct correct. Hope this helps.

Comment by UmairButt on February 24, 2012 at 6:26am

yes alhamdulilah sir..your comments are helpful does not mean we stricktly follow them..i was jst thinking it may b reversal so i asked thanks.

Comment by asad rizvi on February 24, 2012 at 8:11am

GOLD @ $ 1778 = Failing to break $ 1782 in next 2 hours risk for a test of $ 1770-72

Comment by asad rizvi on February 24, 2012 at 9:09am

GBP @ 1.5780 = Target 1.5780 met. Hope you have booked your profit, if not take profit so that Sterling can be bought on dip…..More Later

Comment by asad rizvi on February 24, 2012 at 11:28am

EURO @ 1.3408 = Suggest taking Profit around 1.3420-25 and then Short Euro around 1.3440 if seen.....More Later

Comment by sowMa on February 24, 2012 at 12:18pm

your target is achieved

Comment by Abok Patrick on February 24, 2012 at 12:49pm

am amased by yo callz......! rewaerding indeed. keep it up

Comment by asad rizvi on February 24, 2012 at 2:00pm

Yes, Euro is a good SELL around 1.3440 especially for those that been following my blog, as they have already booked a profit of 75 pip, as I am looking for a test of 1.3385. For new position takers next key level to watch is 1.3485……More Later

Comment by asad rizvi on February 24, 2012 at 2:01pm

Yes, Euro is a good SELL around 1.3440 especially for those that been following my blog, as they have already booked a profit of 75 pip, as I am loo"king for a test of 1.3385. For new position takers next key level to watch is 1.3485……More Later  VOTE for ME"

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