Hello Friends,

Euro well dropped yesterday from 1.2610 resistance but keeps 1.2500 strong support as yet. My view is keeping this support for coming days too and I assume corrective bullish move ahead of next week below 1.2800 and above 1.2500.  For today expect side way moves in 1.2520-1.2620/40 range.  My recommendation is selling pair above 1.2600 for 30-50 pips profit taking.

Good luck

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Comment by Reza Ajorloei on May 25, 2012 at 9:02am

Euro could close today  around 1.2600 so be cautious regarding selling pair, try to exit from short trades around 1.2550/60.

Comment by Karunesh on May 25, 2012 at 9:56am

Hi Reza,

    Can you suggest a good entry to buy Eur/Usd ..and what should be the stoploss.

Comment by Reza Ajorloei on May 25, 2012 at 10:13am

Hi Karunesh,

I'm not euro buyer as long as we have strong sloping channel intact, In other word below 1.2700 Euro moves are corrective and buying the pair is highly risky. My preferred trades are selling in resistances. If you are long on this pair book your profit around 1.2600, honestly I don't see much more room above 1.2610/20 for today.

Comment by Karunesh on May 25, 2012 at 10:25am

Thanks for your insight..I thought you were bullish on euro for the next week ..So i thought there be some buying opportunity  around 1.25 area..

Comment by ccmsp1 on May 25, 2012 at 10:33am

Have a nice weekend........ :)

Comment by Reza Ajorloei on May 25, 2012 at 10:43am

Yes karunesh

I see bullish correction ahead but don't forget entering market in corrective direction is not wise trade.

Comment by Reza Ajorloei on May 25, 2012 at 10:45am

Thanks  ccmsp, wish good weekend for you too..:)

Comment by Karunesh on May 25, 2012 at 10:51am

Thanks Again.. Reza if Euro is in bearish phase..how long do you expect the bullish correction to extend..so that i can get idea where to short Euro..

Comment by Reza Ajorloei on May 25, 2012 at 11:33am

Karunesh,  In fact corrective phase is step by step at all and could have complex shape such as triangle, ABC zigzag, flat or combined one, after every step move we can estimate next step targets and probabilities but from other methods, euro first step correction could be reached to 1.2660-1.2700 area where next step shorts could be seen.

Comment by Karunesh on May 25, 2012 at 11:37am

Thanks  a lot Reaz for your time and patience.I have placed a sell stop order at 1.2615 with a stoploss of 40 pips and take profit 30 pips..Thanks again and have a nice weekend..

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