EURUSD - Daily Chart; Critical Level 1.3370 !

According to the daily chart posted below, bearish momentum breakout happened yesterday at 1.3370, a daily close below this level  will confirm the breakout and target 1.3280 levels then 1.3150 levels where strong rebound is suggested and another rally will start from here , If 1.3150 fails, most likely it will find strong support around 1.3030, but that depends on 1.3370, only a daily close below this level will suggest the targets mentioned above!!

The second option is; If the the pair dips today below 1.3370 , and back to close around or above 1.3400, then , bottoming below 1.3370 is suggested, and sideways move for a while is also suggested before the next rise, If seen, we need to watch 1.3576 yesterday's high, a daily close above 1.3576 will bring strong bullish momentum and it will be just a matter of time before targeting 1.4000 levels....

The third option, If it doesn't dip below 1.3370 and closes today above this level, then it may pullback towards 1.3576 levels  a rejection from this level will bring another dip towards 1.3370, a daily close above 1.3576 may expose 1.3710 !!!

Best Regards

Haitham

Views: 542

Tags: EUR/USD, EURUSD

Comment by Haitham653 on February 8, 2013 at 8:43am

Just wanna clarify a point about the third option ;If it doesn't dip below 1.3370 and closes today above this level, then it may pullback towards 1.3576 levels , If It does pullback to 1.3570 levels, then consolidate around this level , like we have 2 or 3 small doji candles on  daily around 1.3570, If seen expect a sudden fall , at least 250/300 pips in one day to close below 1.3370 and to resume the bearish move towards 1.3150/1.3030 levels before the next rally !!!

Comment by fabiomoreno on February 8, 2013 at 8:32pm

hello mr. Haithan, thank u for your post, very impressive

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