As shown on the chart posted below , the pair trapped between 38.2% retracement (1.2745) and 23.6% retracement (1.2570) of the rally (1.3485/1.2287)....

Yesterday, we had a break below the inner trend line as shown on the chart around 1.2620 , today the pair is testing the same point , williams and bollinger bands suggest - possible gains - toward 1.2680 area before the next fall, a clear break above 1.2680 may pass 1.2745 easily towards 1.2900 levels !!!! but in return RSI suggests that bulls are running out of GAS , an hourly close below 1.2557 would lead for massive bearish towards the main support 1.2440.....losing the last one would bring another bearish move toward 1.2287 area...

Recommendations : Selling the pair with an hourly closing below 1.2557 targeting 1.2485 & 1.2440 , stop loss at 1.2620...

Best Regards

Tuesday 19 June 2012  12:47 PM

Views: 1660

Tags: EUR/USD, EURUSD

Comment by Ossbwy on June 20, 2012 at 5:58pm

so haitham653 you suddenly change trade, you said buy eurusd at 1.2750 and now you say sell at 1.2710 so is there any reason mean when you said buy at 1.2750 at that time what were your though and predication and now you say sell at 1.2710 and now what is your though now.

Comment by Haitham653 on June 20, 2012 at 6:06pm

Hi Ossbwy..

I don't change anything, above 1.2750 we have strong bullish trend , breaking of 1.2750 would delay the bearish move testing 1.2900 levels before falling once again....also read my comment , I've said breakout strategy..the entry doesn't trigger yet ...

Comment by Predrag on June 20, 2012 at 6:08pm

I understand you Haitham, and follow your signals

Comment by Peter jcp on June 20, 2012 at 6:43pm

Hi Haitham - I think thats a good call on the sell under 2710 - but surprised with your target below current daily low at 2638. I am thinking either 2650 or 2640 might hold - but I very much hope you are correct. All the best Peter

Comment by Haitham653 on June 20, 2012 at 7:06pm

Hi Peter..and thanks...

Now watch 1.2660, any breach below this level would increase the risk toward 1.2600......

Comment by Ossbwy on June 20, 2012 at 7:50pm

hi again haitham653 thanks to reply and clarification. as peter says he surprised with your target which is below today low, may be he is right that 1.2650 might hold for today at a moment it should 1.2649 is enough low for today and i think now it will be between 1.2675 to 1.2650 today close. it will go to 1.2600 early Asian time tomorrow isn't it.

Comment by Peter jcp on June 20, 2012 at 8:07pm

Yes - cannot believe all this movement today . I came out sell at 2655 playing safe and then took a scalp buy thinking 5-15+ pips - and I have just cracked over 40 pips. as we have gone back over 2700. Stopping now - before the market gives me a "spanking" it can so easily do ;-)

Have a good week guys  - I am away for a bit -so nice to finish on an high.

Comment by Haitham653 on June 21, 2012 at 2:10pm

Target achieved.... 100 pips from yesterday ...

Comment by Predrag on June 21, 2012 at 2:12pm

YES! Will eur go up now?

Comment by Haitham653 on June 21, 2012 at 2:23pm

EURUSD is trading at cluster support around 1.2600 level, we may see a bounce from this level , losing this level would bring strong sell moves the next few hours...

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