As shown on the 1 hour chart below, we have inside bar pattern , support at 1.3558, resistance at 1.3587, sideways move is suggested between these levels before the breakout!!

Recommendation # 1: LONG EURUSD with an hourly closing above 1.3587 targeting 1..3617 & 1.3647 levels, stop loss at 1.3548..

Recommendation # 2: SHORT EURUSD with an hourly closing below 1.3558 targeting 1.3528 & 1.3498 levels,  stop loss at 1.3597..

Best Regards

Haitham

Views: 2446

Tags: EUR/USD, EURUSD

Comment by Haitham653 on January 31, 2013 at 6:09am

EURUSD finds bid at 1.3561, It's supposed to break upward, but I still prefer waiting for a breakout above the inside bar pattern , However , If 1.3561/1.3558 is gone - an hourly close - we might witness deeper pullback to 1.3480/1.3414 levels...

Comment by Forexsquare on January 31, 2013 at 6:44am

currently EU under 1.3558 but need another 20 minute to comfirm breakout..

Comment by Samuel Wong on January 31, 2013 at 7:01am

Mr Haitham sir, confirm breakout?

Comment by Forexsquare on January 31, 2013 at 7:08am

currently 1.3550 ..  TF 1 hour already closed below range given.. but clash with EURO news hehe...

Comment by Haitham653 on January 31, 2013 at 7:46am

GBPUSD around strong resistance at 1.5825,If you wanna short here don't risk more than 10 pips above 1.5825, a clear break above 1.5825 will advance the pair to 1.5900 levels..

Comment by kamdi eloji on January 31, 2013 at 8:12am

hi haith , Eu has broken your level at 3558 for  over an hour now and it is currently going back and forth on that 3558 do you reckon it will retrace higher to the upside or continue as you said heading to 13480 levels?

Comment by Haitham653 on January 31, 2013 at 8:33am

Yes it might retrace but as long as 1.3587 holds, It will reverse, only an hourly close above 1.3587 will push the pair further higher to 1.3650 levels..

Comment by Haitham653 on January 31, 2013 at 8:36am

On the 4 hour chart, we have bearish divergence, the pair needs a 4 close above recent high 1.3587 to send the pair further higher towards 1.3700 levels otherwise there's a risk for deeper pull back to 1..3500 levels and may be lower !!!

Comment by Florence Lery on January 31, 2013 at 9:16am

Hi Haitham - I use Stocks for divergence and mine on H4 doesn;t show it...which indicator do u use to see this one pls?

Comment by Haitham653 on January 31, 2013 at 9:39am

%(R) 10....

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