EURUSD - Intraday Strategy (01 Feb 2013)

Pivot: 1.3540

Recommendation: LONG positions above 1.3570 with 1.3630 & 1.3700 as next targets.
Alternative scenario: The downside breakout of 1.3540 will open the way to 1.3475/25.
Comment: The pair found bid yesterday at 1.3540, this scenario is supposed to push the pair further higher towards 1.3700 levels,momentum indicators show that the pair is strongly overbought so it might correct lower before resuming the bullish move,however, below 1.3540 will bring  some consolidation but any down move below 1.3540 is supposed to be contained well above 1.3414 to bring another rally to 1.3700 levels...

Best Regards

Haitham

Views: 1397

Tags: EUR/USD, EURUSD

Comment by Haitham653 on February 1, 2013 at 8:21am

EURUSD needs to clear 1.3632 - an hourly close - to push the pair further higher towards 1.3700 levels, If 1.3632 holds, it may correct lower a bit before the next rise...

Comment by Haitham653 on February 1, 2013 at 2:37pm

EURUSD  declines and hits the rising support from 1.3414 and 1.3540 around 1.3610 ,pulls-back a little bit , the rising support is supposed to provide strong support, If fails, it may decline to 1.3540...

Comment by Haitham653 on February 1, 2013 at 2:53pm

Today is Friday and the first day of Feb, I wouldn't be surprised at all, If declines to 1.3540..

Comment by Haitham653 on February 1, 2013 at 2:55pm

I'm watching the 1 hour chart anticipating rebound , till seen I'm out !!!

Comment by Haitham653 on February 1, 2013 at 3:07pm

Bearish momentum breakout on the 1 hour chart at 1.3585, more loses are suggested to 1.3540/1.3500 levels as long as the key resistance 1.3673 holds.

However, an hourly close below 1.3585 will accelerate the bearish move to 1.3540/1.3500 levels,If 1.3585 holds on hourly closing basis, a consolidation is suggested between 1.3570/1.3670 with strong fluctuation up and down.. 

Comment by kamdi eloji on February 1, 2013 at 4:20pm

hi haith target achieved and it seems like it still going might it get up 3800 tonite?

Comment by Haitham653 on February 1, 2013 at 6:06pm

H1 trade setup:(Breakout Strategy)

Buy EURUSD with an hourly closing above 1.3711 targeting 1.3790 and 1.3850, stop loss below 1.3673...

Comment by Haitham653 on February 1, 2013 at 6:11pm

Thanks Peter 

You are always welcome ..

Comment by Bero Maatouk on February 1, 2013 at 7:08pm

haitham as always impressive forecast and analysis and again and again many thx for ur awesome work :)

we are learning from you keep it up broo .

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