Comment by Haitham653 on February 5, 2013 at 7:02am

Intaday traders can watch the pair on smaller time frames below 1.3515 looking for rejection or short entry... 

Comment by Haitham653 on February 5, 2013 at 7:51am

It's a correction  the monthly chart suggests possible correction to 1.3000/400 levels before flying to 1.4000 level, anyway, I prefer waiting for bottoming around 1.3300/400 before going long !! 

Comment by Haitham653 on February 5, 2013 at 10:02am

New pivot appears :

Short positions below 1.3547 with 1.3500 and 1.3470 as next targets, the upside breakout of 1.3547 will open the way to 1.3585/1.3625..

Comment by Haitham653 on February 5, 2013 at 10:13am

According to the 1 hour chart, the pair already topped at 1.3547, this scenario suggests further loses to 1.3500/1.3470 even lower, If 1.3547 is breached I'll go long with target at 1.3585 and 1.3625 levels, my stop below 1.3500..

Comment by Peter jcp on February 5, 2013 at 11:37am

Hi Grigore - not forgotten about some literature etc for you to look through and will find some later. With regards to is the correction over ? - one technical way is too look for a retrace of over 50% Fib level on the latest fall. I therefore reckon you would ideally need to see over 3585 - and ideally 3600 - to think its over. Whilst under 50% you could say can still fall a lot lower if it can breach supports and then its back to looking for either HL's or a LL - Good Luck 

Comment by Luke Sierpniak on February 5, 2013 at 11:51am

Nah Grigorie, don't get caught, coming up 8 am NYC time it gets interesting

Comment by Haitham653 on February 5, 2013 at 12:04pm

The correction is over, I don't think so, we have bearish divergence on daily, the pair needs to clear 1.3710, then we can say the correction is over , as long as 1.3710 holds  the pair will remain sideways between 1.3400/700 levels..

Comment by Haitham653 on February 5, 2013 at 12:10pm

At New York  open , It may spike to 1.3600 levels, before falling to 1.3500 levels...

Comment by Peter jcp on February 5, 2013 at 12:10pm

Very true and agree with you Haitham- we could easily see a rise over a 50% Fib level right the way up to say 3635 or so - and then it stops and its LH and another 200 pip fall. I would then check for another 50% Fib level on the rise rally to see if that is breached as another clue etc 

Comment by Haitham653 on February 5, 2013 at 12:25pm

Yes Peter..

As I see, the EURO needs to surpass 1.3579 to test 1.3635...

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