The EURUSD continued its bullish momentum yesterday bottomed at 1.3207 , topped 1.3266 at and closed at 1.3238..

At this moment the pair is trading so close from the sloping resistance of the triangle - 1.3275 -  as shown on the daily chart below with low momentum , keep in mind stability with a daily close above 1.3180 will keep the bullish trend intact, a daily close below this level will add strong bearish momentum to the pair, but in return , a daily close above the sloping resistance of the triangle around 1.3300 followed by a daily close above the daily EMA 200 around 1.3350 may completely cancel the bearish scenario and lead for a reversal bullish trend its first target around 1.3500 then 1.4000..

Today I assume a range move between the key resistance 1.3295 and the key support 1.3210 , so you may sell around 1.3275 , stop at 1.3350 , target around 1.3200 , then you may buy again around 1.3210 , your stop below 1.3150 , your target around 1.3250/70...

Best Regards..

Tuesday 01 May 2012 07:37 AM

Views: 506

Tags: EUR/USD, EURUSD

Comment by Haitham653 on May 1, 2012 at 10:14am

EURUSD: a clear break above 1.3270 would test 1.3300 where strong bounce back is expected,for downside a clear break below 1.3200 would test 1.3170 where also strong bounce back to upside is expected... 

GBPUSD: a clear break below 1.6200 would test 1.6170 where strong bounce back to upside is expected , for the upside a clear break above 1.6280 would test 1.6325 where strong bounce back to downside is expected.

USDCHF: a clear break below 0.9055 would test 0.9030 where strong bounce back to upside is expected , for the upside a clear break above 0.9095 would test 0.9125 where bounce back to downside is expected.

USDJPY: a clear break above 80.25 would test 80.60 where bounce back to downside is expected, for the downside a clear break below 79.55 would test 79.30 where bounce back to upside is expected ..

Comment by Haitham653 on May 1, 2012 at 10:29am

Gold: a clear break above 1671 would test 1679 where bounce back to downside is expected, a clear break below 1650 would test 1637 where bounce back to upside is expected ..

Silver:  a clear break above 31.40 would test 31.80  where bounce back to downside is expected, a clear break below 30.55  would test 30.15 where bounce back to upside is expected ..

Comment by Haitham653 on May 1, 2012 at 10:37am

EURJPY: a clear break above 106.20 would test 106.80 where bounce back to downside is expected, a clear break below 105.25 would test 104.75 where bounce back to upside is expected ..

GBPJPY: a clear break above 130.50 would test 131.40  where bounce back to downside is expected, a clear break below 129.00  would test 128.40 where bounce back to upside is expected ..

Comment by Haitham653 on May 1, 2012 at 2:18pm

If you short the pair with me around 1.3275 , I recommend to exit now around 1.3215 , since bounce back again to upside is expected from the support level 1.3170/210 

Comment by Haitham653 on May 1, 2012 at 2:26pm

The Gold finds strong resistance around 1671, selling around this level was risky a bit since there was a risk for testing 1679 before falling but 1671 holds, you may short with H1 close below 1650 , target around 1640 , stop at 1653..

Comment by Haitham653 on May 1, 2012 at 2:28pm

You may short the USDJPY now around 80.30 or wait for a test to 80.60 , in both cases your stop at 80.95 , your target at 79.30...

Comment by Haitham653 on May 1, 2012 at 2:34pm

You may buy the EURO around 1.3200 or 1.3170 , in both cases your stop at 1.3140 , target at 1.3250...

Comment by Haitham653 on May 1, 2012 at 7:34pm

Thanks Leon you are welcome !

Comment by Haitham653 on May 1, 2012 at 7:36pm

If you long the pair around 1.3210/200 , I recommend to exit around 1.3240/50 since the pair may drop from this level towards 1.3170....

Comment by 3MM on May 1, 2012 at 9:02pm

Your advices are very useful. Thank you Mr. Haitham

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