EURUSD - Bearish breakout on daily with eyes on 1.2875 & 1.2735 !
As shown on the daily chart below, bearish momentum breakout was confirmed yesterday at 1.3021, bullish correction towards 1.3100 levels is suggested before heading to 1.2875/1.2735 levels, a daily close below 1.3021 is indeed to accelerate the bearish move but a failure to hold below 1.3021 on a daily closing basis could mean a return to 1.3200 levels, only a daily close above 1.3189 - 03 Jan 2013 high - will reverse risks to the upside and target 1.3300/1.3500 levels.
Recommendations :Short positions below 1.3100 with 1.2875 & 1.2735 as next targets, stop at 1.3220.
Best Regards
Haitham
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Comment by Haitham653 on January 4, 2013 at 6:40am -
For today, short around 1.3050, stop at 1.3080, target at 1.3020 & 1.2975
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Comment by Haitham653 on January 4, 2013 at 8:26am
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Summary
Intraday bias is on the downside and current fall could extend to 1.2900 levels, but still viewing this fall from 1.3308 as correction, so I expect strong support from 1.2875/1.2735 levels to contain downside and bring rebound, above 13189 will flip bias back to the upside for 1.3308 and above.
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Comment by Elric on January 4, 2013 at 8:43am -
Thanks for the analysis Haitham=)
Comment
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