EURUSD Daily Outlook 17 Oct 2012
The EURUSD corrected higher yesterday, broke above bull flag and consolidation showing bullish momentum in short term view !
Stability above the key support 1.3025 will keep pushing toward the key resistance 1.3212 , a clear break above 1.3212 will suggest that rise from 1.2042 is resuming, and target 1.3500 levels, but in return a clear break below 1.3025 with daily close would take us again to the neutral zone...
By checking the 1 hour chart, the pair is in extended bearish divergence- bullish reversal in short term - yesterday the pair extended above 1.2991, today an hourly close above 1.3123 would extend the move toward 1.3170/200 levels, stability below 1.3123 might test 1.2991 once again....
According to 15 min chart, stability above 1.3095 would push toward 1.3142 levels, the next support level would come at 1.3057 and 1.3042 then1.3025 and 1.2991 !!
Today we don't have any important data , most likely the pair would trade in small range !!!
Main support and resistance levels:
Resistance 1.3110 1.3180 1.3260
Support 1.3025 1.2950 1.2870
Best Regards
Haitham
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Comment by Predrag on October 17, 2012 at 6:53am -
Do you still think EU Summit will push euro down???
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Comment by Haitham653 on October 17, 2012 at 7:00am -
Yes I do !!!!
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Comment by Haitham653 on October 17, 2012 at 1:33pm
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GBPUSD: Stability above 1.6145/50 would push toward 1.6180/200.....
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Comment by Haitham653 on October 17, 2012 at 3:16pm
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EURUSD breaks above 1.3123 with H1 close above this level, the pair is supposed to extend higher, later the pair declined and closed below 1.3123, It's a sign of a lack of bullish momentum !
Anyway,this scenario suggests sideways move with narrow range the next 24 hours before the next move !
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Comment by Haitham653 on October 17, 2012 at 3:19pm
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If price action fails to test 1.3171, eyes will be on 1.2991 !!
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Comment by devrim oz on October 18, 2012 at 5:12am -
Thanks a lot I appreciate your commets ,
as you see USD / JPY at last goes up , So the strength of dollar on JPY will effect USD/EUR? Do you think dollar index will break 80 s or reach 84 in near term ?
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Comment by Haitham653 on October 18, 2012 at 9:41am
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Hello devrim oz
USDIX is in a downtrend trend in short term outlook,as long as 79.35 holds, eyes on 78.50, a break would suggest more loses !!
above 79.35 look for 80.15 & 81.00 , most likely this level would contain any bullish correction ,but a clear break with a daily close above 81.00 would suggest that the bearish momentum in short term is lost , a break above 81.75 with a daily close would completely end the bearish phase and open ways toward 85.00 levels !!!
Thanks for your comments !!
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