EURUSD Daily Outlook 19 Jun 2012

As shown on the chart posted below , the pair trapped between 38.2% retracement (1.2745) and 23.6% retracement (1.2570) of the rally (1.3485/1.2287)....

Yesterday, we had a break below the inner trend line as shown on the chart around 1.2620 , today the pair is testing the same point , williams and bollinger bands suggest - possible gains - toward 1.2680 area before the next fall, a clear break above 1.2680 may pass 1.2745 easily towards 1.2900 levels !!!! but in return RSI suggests that bulls are running out of GAS , an hourly close below 1.2557 would lead for massive bearish towards the main support 1.2440.....losing the last one would bring another bearish move toward 1.2287 area...

Recommendations : Selling the pair with an hourly closing below 1.2557 targeting 1.2485 & 1.2440 , stop loss at 1.2620...

Best Regards

Tuesday 19 June 2012 12:47 PM

Tags: EUR/USD, EURUSD

4 members like this

Comment by Ossbwy on June 19, 2012 at 2:22pm: hi haitham653 Good to see you today post it is nice post's today. so news is about QE so do you think trend will go to 1.2680 or 1.2725. or 50.0% retracement (1.2652) is bullish breakout.

Comment by Haitham653 on June 19, 2012 at 2:52pm: Hello Ossbwy..

We're around 1.2670 , we have strong resistance here, breaking of 1.2670/80 area may test 1.2750 once again....

Comment by Predrag on June 19, 2012 at 5:55pm: Do you recommand to sell at 1.2750 area?

Comment by Haitham653 on June 19, 2012 at 6:23pm: There's a risk for testing 1.2900 levels before going down again....

Anyway , as long as the pair is trapped between 1.2557/1.2750 , the trend is sideways so both sides are suggested !!!!

Comment by Haitham653 on June 20, 2012 at 4:30am: Wide range moves are suggested between 1.2750/1.2550 before falling toward 1.2440 levels...but remember a daily close above 1.2750 would increase the risk toward 1.2900/1.3000 levels...

Comment by Haitham653 on June 20, 2012 at 5:34am: The pair is hovering now around 1.2670 , stability above this level may test 1.2700/1.2750 zone the next few hours, a clear break below 1.2670 would test 1.2630 where we have also strong support , losing this one would open up ways toward 1.2550 area.....

Comment by Ossbwy on June 20, 2012 at 7:35am: hi haitham653 so what do think at a moment, EUR/USD is 1.2680 (-0.06%) it is break now i would test 1.2630 or 1.2594 first support.

Comment by Ossbwy on June 20, 2012 at 7:38am: sorry typing mistake, it is not "now i would test" right sentence is " now it would test".

Comment by Haitham653 on June 20, 2012 at 11:34am: (Breakout Strategy):

Buy EURUSD at 1.2750 , stop loss 1.2710 , take profit 1.2870...

Breakeven at 40+..

Regards.....