EUR/USD Daily Outlook 10 Jun 2011
The EUR/USD Kept dropping yesterday affected by the bearish pattern mentioned in the previous reports, which looks like head and shoulders as shown on the chart posted above ...
Today I assume a retracement to the sell zone mentioned in yesterday's report 1.4535 - 1.4557 where it's recommended to evaluate pair's activities on smaller time frames , the pair is supposed to decline strongly , our first target would be around EMA200 (1.4390) then we should watch the pair around this level , it may pullback toward 1.4560 or continue dropping toward 1.4225...
Weekly support and resistance levels: (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)..
Daily support and resistance levels : (10 June 2011)
Resistance (1.4595) main , where correction is possible , break would test (1.4653), the next levels are (1.4711) , (1.4769) main ..
Support (1.4479) main , where correction is possible , break would test (1.4421) , the next levels are (1.4363) , (1.4305) and (1.4247) main
The neutral zone is between (1.4479 - 1.4595) where it is recommended to evaluate activities on 60 min and below.
The pivot level for today is (1.4537)..(Sell point)...
A break above the daily pivot -1.4537- may test the weekly pivot 1.4626 , also a four 4 close above the neckline 1.4557 may late the bearish wave....
Trend Direction is Upward (weak) , the trend will remain valid as long as stability is above 1.4497 , 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 at 1.4537 targeting 1.4375 & 1.4110 , stop loss at 1.4640..
Best Regards
Haitham653
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Comment by Yasser on June 10, 2011 at 6:57am -
Hi Haitham, Looks like we will see euro at 1.4375 do you expect a bounce there for monday. I am short from your suggested levels 1.4550 want to take profit and see a bounce at 1.4375 and take short again from 1.4420 what do you think pls .
Also we miss ur analysis for cable , how do you see euro/gbp cross in all this .
Thanks
Yasser
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Comment by Haitham653 on June 10, 2011 at 7:37am -
Hello Yasser..
The EUR/USD may find support 1.4375 - 1.4220 , at this this area we have EMA200 on 4 hour , the pair may pullback or continue dropping toward 1.4245...I can't confirm anything now , we need to watch the pair reaction around 1.4400 level..
Incase we have a pullback the pair may test 1.4500/1.4490 then drop again ..
otherwise if the pair breaks below 1.4375 toward 1.4245 , the level 1.4400 will severe as strong resistance...
I recommend to exit around 1.4400 , then wait for market's reaction , and act upon its movement.
About EUR/GBP , the pair is mixed , it was stopped yesterday by some previous highs 0.8844 , the pair may test 0.8975 , or a break below 0.8844 will test 0.8654...
Regards
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Comment by Yasser on June 10, 2011 at 8:10am
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Thanks Haitham.
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Comment by Haitham653 on June 10, 2011 at 12:03pm
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Strong bullish pattern on 15 min chart ,the pair may test 1.4537 - 1.4557 the next few hours...
Regards
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Comment by Haitham653 on June 10, 2011 at 12:11pm
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A 15 min close above 1.4495 will give the pair strong bullish momentum to move toward 1.4557 at least ...
A failure to break above 1.4495 may attack 1.4375 the next few hours...
by the way at New York open , the pair may touch 1.4537 then drop strongly in matter of seconds...
Regards..
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Comment by pixta on June 10, 2011 at 1:21pm -
1.4480 crucial now for downtrend
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Comment by Haitham653 on June 10, 2011 at 3:19pm
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I know it's early for this , BUT a weekly close below 1.4126 may test the area 1.3430 /1.2874...
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Comment by kamara on June 12, 2011 at 4:25am
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Thanks Haitham.
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Comment by Yasser on June 12, 2011 at 9:33am
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Thank Haitham, after looking at the price action so far, what would ur recomendation for next week pls,
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Comment by Haitham653 on June 12, 2011 at 3:14pm
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Wait for my weekly report the next 12 hours..
Regards
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