EURUSD Daily Outlook 07 Jun 2012
The EURUSD corrected higher yesterday , bottomed at 1.2440, topped at 1.2584 and closed at 1.2574...
Today I assume a bearish move testing the key support 1.2540 a clear below this level would lead for more loses testing 1.2500 levels..
Immediate resistance is seen around 1.2600 where bounce back to downside is expected , stability below the key resistance 1.2625 is indeed to keep the bearish scenario suggested for today valid , a clear break above 1.2625 would mix up things and might target 1.2695 levels....
Recommendations: Selling the pair around 1.2595 , targeting 1.2545 and 1.2500 , stop loss 1.2640
Thursday 07 Jun 2012 07:36 AM
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Comment by Haitham653 on June 7, 2012 at 3:21pm -
"I recommend exiting short around 1.2555/60 , since we have support on 60 min around this level, If this level holds , another round toward 1.2625/40 is suggested... Best Regards.."
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Comment by Haitham653 on June 7, 2012 at 3:28pm
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check the 60 min chart below , we have support around 1.2560, as I said If this level holds another round to 1.2625/40 is suggested , losing 1.2560 would test 1.2500 where is also big pullback toward 1.2625/40 is suggested ....
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Comment by Haitham653 on June 7, 2012 at 3:54pm
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I've already adjusted the same chart with Fibonacci retracement (1.2823/1.2287) also around 1.2555 is 50% retracement of the same run ..
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Comment by Ossbwy on June 8, 2012 at 6:35am -
hi haitam653, your post and comments and prediction are very good. your post always guide us to learn.we will wait for your today(friday) post. Thanks
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Comment by nader on June 8, 2012 at 6:45am -
Haitham good morning, good fall for euro today testing 1.2485, where do you see the range for this friday especially after Bernanake (NO QE3) and Spain downgrade. Thank you
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