EUR/USD Outlook (06 – 10 June 2011)
Resistance: (1.4750) main, where correction is possible, break would test (1.4885), the next levels are (1.5015) and (1.5145)…For buyers the bullish zone is above 1.4750
Support :( 1.4500) main, where correction is is possible, break would test (1.4375), the next levels are (1.4245) and (1.4110)…For sellers, the bearish zone is below (1.4500)...
The neutral zone is between (1.4500 - 1.4750) where it is recommended to evaluate activities on 60 min and 240 min.
The pivot level for this week is (1.4626)..
EUR/USD Outlook (08 June 2011)
Resistance (1.4723) main , where correction is possible , break would test (1.4767), the next levels are (1.4811) and (1.4855)..
Support (1.4635) main , where correction is possible , break would test (1.4591) , the next levels are (1.4547) and (1.4503)...
The neutral zone is between (1.4635 - 1.4723) where it is recommended to evaluate activities on 60 min and below.
The pivot level for today is (1.4679)..
Last week even we witnessed multiple bearish divergences on 4 hour , the pair continued flying toward 1.4700 ...
this week also we have multiple bearish divergences on 4 hour , add to that CCI(14) on daily is diverging the price , the pair will reverse sooner or later..the market is around a strong monthly resistance 1.4750 , only a daily close above 1.4750 - weekly is better - will attack or breach above 1.4940...
Today I assume a retracement to the area 1.4635 -1.4591 where it is recommended to evaluate activities on 60 min and below. don't buy when the market is falling , wait for a buy signal above this level then go long your target around or below 1.4723...
On the other side the pair may test 1.4565 , it may pullback toward 1.4723 but an hourly close below 1.4565 may test 1.4500/375/245/110 ......
Also a 4 hour close below the neck line 1.4557 will activate the divergences on 4 hour and it may lead for a strong bearish move..toward or below 1.4375..
Trend Direction is Upward , the trend will remain valid as long as stability is above 1.4468 , a daily close below this level may weak the uptrend and lead for bearish correction towards 1.4250/100..
Recommendations: Upon the charts and the explanation posted above , my recommendation is selling the pair with a four hour closing below 1.4557 targeting 1.4375 & 1.4110 , stop loss at 1.4665..