EURUSD - Intraday Strategy (08 Mar 2013)

Recommendations: Long positions above 1.3070 with 1.3140 & 1.3185 as next targets.
Alternative scenario: The downside breakout of 1.3070 will call for a rebound to 1.3040/1.3010.
Description: The pair rebounded strongly yesterday after forming double bottom pattern at 1.2965, Intraday bias is neutral with bullish bias,however, the pair needs to clear 1.3116 to resume its bullish move towards 1.3185 levels, stability above 1.3070 is indeed to keep the bullish trend intact, below 1.3070 will call for a rebound to 1.3040/1.3010 levels.but overall outlook will remain bullish in short term as long as 1.2965 holds, a clear break below 1.2965 is indeed to extend weakness to 1.2900/850 levels..

Best Regards

Haitham

Views: 1451

Tags: EUR/USD, EURUSD

Comment by Kh Rahim on March 8, 2013 at 7:00am

thankx sir,have a nice day

Comment by Haitham653 on March 8, 2013 at 8:10am

GBPUSD finds support at 1.4980, rebound to 1.5080 is suggested, sustained break below 1.4980 will target 1.4900/850 levels.

Comment by Haitham653 on March 8, 2013 at 8:11am

EURUSD finds support at 1.3079, as long as this level holds , eyes on 1.3200 levels, sustained break below 1.3079/70 will delay the bullish move and reverse risks to the downside towards 1.3040/1.3000 levels...

Comment by miro on March 8, 2013 at 8:16am

thank you

Comment by onetzen on March 8, 2013 at 8:38am

Thanks for the update, Mr. Haitham.

Comment by And Bro on March 8, 2013 at 10:20am

thanks Mr.Haitham

Comment by Haitham653 on March 8, 2013 at 11:03am

EURUSD hits the falling resistance line from 1.3710 around 1.3135, It's highly recommended to move your stop to break-even or exit, you are supposed to make around 50 pips profit...

Comment by Bero Maatouk on March 8, 2013 at 11:11am

haitham plz if u can explain to me what this word means (move ur stop to break even or exit )

do you mean that we have to tp at 3135  then we wait for break even above this level to enter long again ??

thank you

Comment by Haitham653 on March 8, 2013 at 11:32am

Break-Even Point (BEP) is the point of balance between making either a profit or a loss , when reached , there is no net loss or gain , in fx market, the meaning is moving your stop to your entry point, so If the market moves against you , you will exit zero profit/loss..

Comment by Haitham653 on March 8, 2013 at 11:41am

The pair already hit the falling line from 1.3710 around 1.3135,now we have 2 options:

1- Sustained break above 1.3140/150 levels will open the way to 1.3300 levels.

2- The pair might be rejected from 1.3140 levels retesting 1.3040:

a: If 1.3040 holds it might rebound strongly to 1.3200/1.3300 levels,

b- If 1.3040 fails , It might retest 1.2965 levels... 

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