Long EURO around 1.34 could be Risky
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 Muhammad Fahad on February 24, 2012 at 2:10pm -
sell euro usd 1.34400 is good but what take profit you suggest 1.33850
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Comment by asad rizvi on February 24, 2012 at 2:13pm
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Yes, keep watching the blog for more updates
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Comment by sowMa on February 24, 2012 at 2:37pm -
i do not think the pair come to 1.3385
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Comment by Muhammad Taseen Khan on February 24, 2012 at 2:43pm
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Dear Mr Rizvi
Recently i started reading your blog . I found your commentary on EUR,GBP and Gold very professonal and helpful.Thankyou for this graet work. Before i was watching ur Tv programes and use to read ur artticles in newspaper.Your comments improve our trading results,once again I appreciate your contribution.
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I am glad to hear that. Do not forget to Vote for for me
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GBP @ 1.5858 = Rally should fizzle out around 1.5865
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Comment by Fx Master on February 24, 2012 at 3:03pm -
Following your trade suggestion of euro short! Really hope it works out :-)
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EURO @ 1.3457 = If Euro fails to fall below 1.3445, we may see another test of 1.3477. If uncomfortable square now.
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EURO @ 1.3460 = It is highly recomended that all positions should be squared tonight around 1.3440-50, though there is a minor chance that EURO may test 1.3435, where LONG EURO prefered. Euro has entered a new territory and on Monday break of 1.3520 will confirm 1.3663 target for next week
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Comment by adede godfrey on February 24, 2012 at 9:28pm -
HAPPY WEEKEND ALL
Comment
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