The EURUSD continued its bullish momentum yesterday bottomed at 1.3175, topped at 1.3262 and closed at 1.3191, but that bullish move was limited and the pair was rising with low momentum as shown on the daily and the 4 hour chart...

Today I assume massive bearish move testing at first the key support 1.3103 , losing this level would lead for the expected massive bearish move testing the key support 1.2994..

Immediate resistance is seen around the key resistance 1.3200 where bounce back to the downside is expected , stability below the key resistance 1.3295 is indeed to keep the bearish move suggested for today valid, breaking of 1.3295 would mix up things and may lead for more gains towards 1.3385 before the next fall...

Recommendations: Sell around 1.3200, stop at 1.3305 , target 1 at 1.3110 , target 2 at 1.3000

Best Regards..

27 Apr 2012 05:00 AM

Views: 1012

Tags: EUR/USD, EURUSD

Comment by nader on April 27, 2012 at 8:36am

Yes, Tanks a lot haitham

Comment by gladwin dsouza on April 27, 2012 at 2:15pm

haitham sir market is still moving ahead ... when it will bearish i have sell euro/usd @ 1.3208

waiting for ur reply

Comment by Deb Roy on April 27, 2012 at 4:27pm

Where was the 'massive' downward move? I reckon EUR might go up to 1.3300 and will watch for price signals for short.

 

Comment by Haitham653 on April 27, 2012 at 5:38pm

EURUSD trades near the sloping resistance of the triangle around 1.3270 , strong resistance around this level as shown on the daily chart below ,probably the pair would  fall from this level towards 1.3050 support , a clear break above the the sloping resistance of the triangle may completely cancel the bearish outlook and target 1.3800 levels but I think this scenario is not easy to happen....

Comment by Haitham653 on April 27, 2012 at 5:45pm

Hello gladwin dsouza , as long as the pair is below 1.3295 , strong bearish move is expected , but  a break below 1.3180/170 support is indeed to take the pair down , anyway next week I think the pair should test 1.3050/100 as long as we have daily close below 1.3295 , even the market may open on a bearish gap next Monday.... 

Comment by Ed on April 27, 2012 at 6:03pm

A bearish gap or bearish trend has taken place the last two Mondays.

Comment by naivetrader1 on April 27, 2012 at 6:33pm

After straight 10 +days, doesn't cable need to retrace a bit ..... even 38.2%ish? Can it gap down as well?

Comment by naivetrader1 on April 27, 2012 at 6:35pm

Just wondering if the market pushing it higher up, desperately, to capitalise on significant fall (sell i May & go away)?

Comment by naivetrader1 on April 27, 2012 at 6:36pm

Rising wedge on GBP?USD: From TA perspective, can we call it a pattern failure?

Comment by Haitham653 on April 27, 2012 at 8:13pm

Hello naivetrader1, check the weekly chart below , according to weekly RSI ,massive bearish move is expected around 1.6300/400 levels  , 500/1000 pips fall..

Comment

You need to be a member of Forex Social Network to add comments!

Join Forex Social Network

Members

© 2014   Created by FXStreet.

Badges  |  Report an Issue  |  Terms of Service

Online

Live Video