Pivot: 1.3185
Recommendation: SHORT positions below 1.3185 with 1.3110 & 1.3050 as next targets.
Alternative scenario: The upside breakout of 1.3185 will open the way to 1.3240/1.3285.
Comment:According to daily chart, the pair is under pressure, broke below 1.3170 but so far we didn't have a daily close below this level, below this levels we have another main support level at 1.3126 - 05 Dec 2012 high - and the monthly pivot, a daily close below 1.3170 should weaken 1.3126, added to that the pair's still trading in an upward channel , the daily %(R) is in oversold area, so strong volatility is expected in both directions, the 1 hour chart is strongly bearish below 1.3185, above this level will reverse risks to the upside and target 1.3240/80 levels.
Best Regards
Haitham
Comment by kalpana mahajan on January 3, 2013 at 6:20am Thanks Haitham.
Comment by Fx Master on January 3, 2013 at 8:16am
Comment by Peter jcp on January 3, 2013 at 8:27am Morning Haitham and compliments of the season to you. I am sure 2013 will be a good trading year for you and always enjoy what you are forecasting next on the main pairs.
For today I think 3120/30 price area is a good support and as already held for over 6 hours - but similar to you don't expect it to go back over 3192 or your 3185 area.
Although I am scalp buying again from London Open I hope to be selling again from a higher price and then 3120 eventually letting go. If it does not go during the day - then I would expect an attempt over 3200 again later on or tomorrow. Only my thoughts and meanwhile I will stick to my scalping.
All the best
Regards
Peter
Comment by Fx Master on January 3, 2013 at 8:43am
Comment by Haitham653 on January 3, 2013 at 10:30am First target reached at 1.3110, at this level we have strong support , it might push the pair once again to 1.3170 levels, but If 1.3107 fails, expected the pair to weaken further towards 1.3050 levels....
If the pair closes today - GMT - below 1.3126, eyes will be on 1.2875 levels...
Comment by Franck Max on January 3, 2013 at 10:31am 1.3110 target reached. Woo hoo! Thanks Haitham!
Comment by Haitham653 on January 3, 2013 at 10:51am According to 1 hour chart, rebound to 1.3170 on the horizon !!!
Comment by Naranbaatar Bayar on January 3, 2013 at 10:58am so haitam does it mean that do not sell?
Comment by Haitham653 on January 3, 2013 at 11:01am Hi Peter
I agree with you...
Thanks for your comment...
Comment by Fx Master on January 3, 2013 at 11:05am can we buy here for 3170??
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