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

Views: 550

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.."

Comment by Haitham653 on June 7, 2012 at 3:28pm

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 ....

Comment by Haitham653 on June 7, 2012 at 3:54pm

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 ..

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

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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