EURUSD - Daily Chart; Under Pressure !!!

According to the daily chart; EURUSD is bullish but under strong negative pressure as long as trades below 1.3398, EURUSD will have to hold above 1.3398 - 18 Jan 2013 high - on a daily closing basis , If seen this scenario could push the market further higher towards the 1.3485/1.3590 levels.

Alternatively, a failure to hold above 1.3398 on a daily closing basis , could mean a return to the 1.3139/1.3189 levels.However; a daily close below 1.3279 will test 1.3189/1.3139 levels,below 1.3139 may bring a free fall 1.3000 levels, a daily close above 1.3279 will keep pushing towards 1.3398 levels.

Best Regards
Haitham

Tags: EUR/USD, EURUSD

4 members like this

Comment by Haitham653 on January 22, 2013 at 6:07pm: I have to admit , EURUSD may dip to 1.3139/1.3189 levels before attempting any rise above 1.3404 levels !!!

Let's wait and see !!!

Comment by Florence Lery on January 22, 2013 at 7:14pm: what gives me hope for my long is that the daily keeps closing above 3011 level - which is 23.6% of daily (4 jan - 14 jan) - those bounces tends to be bullish - but hey what do I know!

Comment by Haitham653 on January 23, 2013 at 8:44am: Hi Grigore...

As long as the daily close is above 1.3279, yes it may break above 1.3404, but according to the daily chart we have strong resistance at 1.3398/1.3404 !!!

The EURUSD needs at least a daily close above 1.3298 to resume the bullish trend otherwise it may dip to 1.3189/1.3139 before the next rise...

The 4 hour chart is strongly bullish and may push the pair higher to 1.3400 or above!!

All I can say the pair is mixed too much and both sides are suggested with risk to the downside !!