EURUSD Daily Outlook 16 May 2012
The EURUSD continued its bearish momentum yesterday, bottomed at 1.2720, topped at 1.2869 and closed at 1.2734
According to the daily RSI, bearish breakout has been confirmed at 1.2815 low of 14 May 2012 , suggests a test to 1.2900 before going down towards 1.2500 levels BUT next day (Yesterday) the pair resumed falling and breached below the previous low (1.2815) , this scenario is supposed to delay rising towards 1.2900 and It would accelerate the down-move testing 1.2625
Today I assume a bearish move testing the key support 1.2625 , a clear break below this level would lead for more loses testing the key support 1.2490 .
Immediate resistance is seen around 1.2750 where bounce back to the down-side is expected , stability below the key resistance 1.2810 is indeed to keep the bearish trend strong and intact , breaking of 1.2810 would delay the bearish move testing the key resistance 1.2900 where also big and massive sell is expected after consolidation !
Recommendations: Sell the pair around 1.2730 , Stops at 1.2830 , Target around 1.2625 & 1.2490
Best Regards
Wednesday 16 May 2012 04:00 AM
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Comment by Andrey on May 16, 2012 at 6:25am -
Thank you, sir
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Comment by Ossbwy on May 16, 2012 at 6:34am -
nice to see your post welcome again haitham653. good post i am also seeking to get some pips from 1.9710 to 1.9630. and your post encourage my "thinking". but my question is that what will be happen when french & German auction news will release. Is these auction will be good for euro or not. so haitham653 would you like give me your opinion about these fundamental news.
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Comment by yasir kidwai on May 16, 2012 at 6:40am
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Hi Mr.Haitham, can u pls tell me about gold with best regards.
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Comment by Haitham653 on May 16, 2012 at 8:36am -
According to daily RSI, EURUSD should test at least 1.2625 even 1.2500 is suggested, the pair needs to form a lower leg below 1.2625 to rise towards 1.2900 to fall once again towards 1.2200 levels...
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Comment by gunes unver on May 16, 2012 at 8:51am
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I am trying to find the bottom to buy towards 1.30's. I gave it 1,274 but it is lower now. 1.2625 is understandable, 1.25 is unlikely.
Sir do you have any opinion about the time, next fall (from 1,30 to below 1.20 i think) might start?
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Comment by Haitham653 on May 16, 2012 at 4:37pm
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Hello yasir and sorry for late to response!
About Gold , the pair is approaching from an important support , the weekly support 1522 , I think breaching below this level is not easy from the first time ..
Anyway , according to daily RSI we gave bearish breakout at 1595, RSI suggests a test to 1640 followed by consolidation before the next fall , but I think the pair needs to form lower leg below 1.522 testing 1470 where also bounce back to upside is expected , losing this level would lead for more loses testing 1395 where big buy is expected !!
Conclusion : I'm sure Gold is heading towards 1470 even 1400 but the smart question when ?!!
I think the key is in 1522 , stability above this level may lead for fake rise towards 1600/1640 levels followed by consolidation before the big fall toward 1400..
Losing 1522 would take us immediately towards 1470/1400 area
Gold should fall sooner or later , It's the only way to save Greece !!!!
This is the last chance to keep Greece into the EURO zone !!!
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Comment by UmairButt on May 16, 2012 at 4:49pm -
hi haitham...was reading ur coment how r u relating golg to greece?what u have in ur mind?
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