The EURUSD declined yesterday towards 1.3100 levels , bottomed at 1.3122 , topped at 1.3240 and closed at 1.3147...

As shown on the daily chart below, the pair declined from the suggested levels in the previous reports around 1.3275 but as said before the key support 1.3103 is still strong and stopped the bearish move !

At this moment the pair is hovering around 1.3150, according to daily RSI , the pair is still trapped inside the triangle with trading between 40 and 60 levels , we need a clear break above or below these levels to get out of sideways move...

The daily %R suggests a bullish correction towards/ above 1.3200 levels before the next fall?!!

What do we have today ?!!

We have 2 options :

1- The pair may continue falling but H1 close below 1.3103 is indeed to resume the long term bearish trend which I think is not easy to happen today but It still possible, losing the key support 1.3103 would lead for massive bearish move testing the key support 1.2975/55...

2- The pair may rise towards 1.3200 levels as %R suggests, we need to watch the pair above this level , since both sides are suggested , it may drop towards 1.3100 or it may test 1.3300 levels...

Recommendations : Sell the pair with an hourly close below 1.3103 , stop at 1.3150 , target at 1.3030 & 1.2975...


Best Regards

Thursday 03 May 2012 05:29 AM

Views: 631

Tags: EUR/USD, EURUSD

Comment by Mithun on May 3, 2012 at 5:58am

HI

   Gd Mrng..

   The great job......

 

Comment by 3MM on May 3, 2012 at 6:39am

let's to make profit and today. GL Mr. Haitham.

Comment by Haitham653 on May 3, 2012 at 7:05am

Hi Yohan ..

I think the EURO will keep ranging around 1.3150/200 for couple of days before the big - sudden -  fall 200 or 300 pips in one day !!!

If the pair breaks below 1.3103 today, I think strong support will be found around 1.3000/30, the bullish breakout happened on daily at 1.3225 last week still valid and to get rid of this positivity and give the pair strong bearish momentum to break below 1.3000 , the pair should range for awhile 2 or 3 days around 1.3170/200 before breaking below 1.3000.....

Comment by Haitham653 on May 3, 2012 at 7:40am

Check the chart below : Sell around 1.3210 , Stop at 1.3295 , Target at 1.3100 & 1.3030


Comment by Haitham653 on May 3, 2012 at 4:44pm

Bullish breakout on the  60 min chart at 1.3170 suggests possible gains towards 1.3190/240 as long as the key support  1.3094 holds, a clear break below 1.3094 would mean false bullish breakout then strong move is expected at the opposite direction...!!!

Comment by Haitham653 on May 3, 2012 at 5:17pm

As shown on the hourly chart below , strong challenge between buyers and sellers , RSI has given us a bullish divergence, that would take us into a correction or change in direction , but CCI has given us a hidden bearish divergence which is a trend continuation pattern ..

I think the pair may test 1.3200 before the next fall towards / below 1.3000 levels , remember the daily %R suggests a test to 1.3200 levels before the next fall ?!!!

you have 2 options :

1- Sell around 1.3200 with stop above 1.3285 , target at 1.3100 & 1.3000

2- Wait 4 the pair to form an upward channel , once the rising support is broken , go short immediately ?!!!

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