EUR/USD forecast 20.07.2012
EUR is now inside a wide negative Ichimoku cloud on H4, there we can see also a small upside channel is forming which also offers support @ 1.2245. We are very close to be rejected from the Ichimoku again. All this week we are testing continuously that small upside channel support, for now it holds - but how long is the question. On H4 we can see EUR is in a flat consolidation. 1.2330 on the upside seems unbreakable, but if we have any stronger upside impulse it will be broken at once and the price will stop @ 1.2390 with a pullback of 40-50 pips. For today drops to 1.2240 are quite possible and more to 1.2190 which shall destroy the small upside channel and will open the way of dropping further. Nevertheless i think we need some more upside correction to 1.2450 at least before starting a new wave down, also the Daily chart pattern suggests a jump to the upside is pending - but nothing happens, many of the traders are now in summer holidays, and moves are not so big.
I still hold my LONG @ 1.2310, but may reconsider this below 1.2220. GOLD now @1583 waiting for EUR movement, or fear on the market to explode higher, but none of them presents now.
Yesterday's bad US data didn't influence the EUR/USD pair, we may end this week around 1.2250 and next week we shall have some big moves for sure.
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Comment by Fx Master on July 20, 2012 at 8:16am -
Is it a good idea to close my position? Of euro long now from 2250 at 2275
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Comment by Vladimir Mihaylov on July 20, 2012 at 8:23am -
I don't know Madeen, you have to decide on your own for your money :) Everybody is in summer holidays so movements are not big. Somethines better small profit than nothing or even loose money. Today is the end of the week,so i don't expect movements above 1.2310-25 if reached
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Comment by Fx Master on July 20, 2012 at 8:25am
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Thanks!
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Comment by paul chijioke okeke on July 20, 2012 at 8:42am -
hi sir,looking @ yesterday low to be test again.how do you see it sir?
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Comment by Vladimir Mihaylov on July 20, 2012 at 8:44am
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Rising support line from 1.2170 holds, if broken and confirmed then drop to 1.21
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Comment by paul chijioke okeke on July 20, 2012 at 3:32pm
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been so helpful,never new that such a wounderful signal exit.strongly believe that with you i'll make it in forex market keep it up SIR.Am so great
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Comment by Fx Master on July 20, 2012 at 3:47pm
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What do you think now?
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Comment by Vladimir Mihaylov on July 20, 2012 at 3:57pm
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Ichimoku rejected bulls again, and we have set a new low @ 1.2143, what i'm thinking is that next week we shal start with attempts to break the 1.2170 support to confirm the downside. If confirmed on H4 then 1.21 and even below. Watch for recovery to 1.2240 before down pressure increases again. Enter LONG only on H4 close above 1.2280. Seems that very soon will test 1.2000 and 1.1900 levels. I'm expecting a massive profit taking if 1.2000 breaking is unsuccessful (i mean reverse and more than 220 pips for a single day) But let's live and see , thank you for your comments! Feel free to post here
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Comment by Andrey on July 20, 2012 at 4:14pm -
Vladimir, thanks for the recommendation.
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