EURUSD Daily Outlook 12 Oct 2012
The EURUSD corrected higher yesterday, closed at 1.2930 above the key resistance 1.2885, this scenario suggests that recovery from 1.2802 might still in progress and more gains are suggested as long as 1.2802 holds !!!
However, In short term outlook, consolidation from 1.3171 still active,a clear break with daily close above 1.3000 would flip bias back to the upside and target 1.3171 levels, but in return losing 1.2885 would threat 1.2760 levels , losing 1.2760 would mean that bullish momentum in short term is lost, but overall outlook we're trapped in sideways move between 1.3000/1.2640 !!!
Fundamental focus today is on Euro Zone Industrial Production at 09:00 AM, expectations are 1%, anyway, any release above 0.6% would take the pair down as expectations , from United States USD U.of Michigan Confidence (OCTP) at 13:55 GMT , expectations are 78.1 any release above that level would take the EURO down and vise versa !!
Resistance 1.2950, (Main) 1.3010 ,1.3070, (Main) 1.3130 ,1.3190, (Main) 1.3250
Support (Main) 1.2885,1.2820 ,(Main) 1.2760 , 1.2700, (Main) 1.2640
Short Trend : Neutral
Main Trend : Downward
Best Regards
Haitham653
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Comment by Haitham653 on October 12, 2012 at 12:55pm -
According to 60 min chart, an hourly close above 1.2985(previous bearish breakout) would challenge 1.3070 , stability below 1.2985 would threat 1.2913 !!!
Keep in mind the pair is so close from the sloping resistance line of the downward channel around 1.3000, add to that 1.3000 is an important psychological level, so be careful, volatility is suggested around this level !!!
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Comment by Haitham653 on October 12, 2012 at 5:41pm
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Check the daily chart below , looks like the pair is waiting for an explosion , anyway RSI break below 40 or above 60 would be an early warning for possible breakout direction!!!!
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Comment by Haitham653 on October 12, 2012 at 7:36pm
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As shown on the 15 min chart posted below , a clear break below 1.2937 would threat 1.2830 levels,but in return a clear break above 1.2991 would challenge 1.3070 levels !!!
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