EURUSD - Intraday Strategy (14 Mar 2013)

Recommendations: SHORT positions below 1.2981 with 1.2920 & 1.2875 as next targets.
Alternative scenario: The upside breakout of 1.2981 will call for a rebound to 1.3030/80.
Description: The pair broke below the key support 1.2987 yesterday and tested 1.2920 levels, last night recovery was limited below 1.2987 and the pair found resistance at 1.2981, as long as this level holds,more loses are suggested to 1.2920/1.2875 levels, break of 1.2981 - an hourly close is better - will reverse risks to the upside and bring rebound to 1.3030/80 levels.

Best Regards

Haitham

Tags: EUR/USD, EURUSD

7 members like this

Comment by miro on March 14, 2013 at 7:13am: thanks

Comment by Haitham653 on March 14, 2013 at 8:08am: In the medium term outlook , after losing the key support 1.2997, EURUSD faces further decline towards 1.2660 levels..

In the long term , the downtrend that started from 1.3710 may stop around 1.2200 levels, then strong consolidation may be seen before the next move.....

Anyway, looks like the EURO is ready to ride GBPUSD's train, it takes some time but finally catch it..

Comment by Haitham653 on March 14, 2013 at 10:28am: EURUSD is strongly bearish as long as the daily close is below 1.3133, a daily close above this level is indeed to signal short term bottoming and suggest rebound to the upside, Otherwise, outlook will remain bearish and any recovery -If seen - will be limited below 1.3133 and usually followed by strong decline....

Comment by Yasser sorour on March 14, 2013 at 10:54am: Thanks MR. Haitham

Comment by nazar on March 14, 2013 at 11:56am: Thanks Haitham

Comment by Haitham653 on March 14, 2013 at 12:34pm: According to the daily chart %(R), the pair is very bearish below 1.2997, a daily close back above 1.2997 might delay the bullish move and bring some rebound to 1.3090 before the next fall, above 1.3090 will target 1.3189 levels where strong decline is suggested !!!

A daily close above 1.3189 - 03 Jan 2013 high - will suggest fake breakout below 1.2997 and pave the way to 1.3370/1.3455 levels, If 1.3455 fails, next target will be 1.3710 levels..

On the downside, as long as the daily close is below 1.2997, 1.2870/735 levels will be tested sooner or later, a daily close below 1.2735 will expose 1.2661 and bring deeper fall towards 1.2392/1.2166 levels..

This analysis is suggested by the daily Williams %(R)....

Comment by Haitham653 on March 14, 2013 at 12:48pm: Intraday traders can watch these levels anticipating rebound or rejection:

On the downside: rebound or bottoming is suggested around: 1.2870/1.2735 & 1.2392/1.2166..

On the upside : rejection or topping is suggested around 1.3090/1.3189 & 1.3370/1.3455..