EURUSD - Intraday Strategy (20 Mar 2013)
Recommendations: SHORT positions below 1.2898 with 1.2825 & 1.2780 as next targets.
Alternative scenario: The upside breakout of 1.2898 will call for a rebound to 1.2945/1.3025.
Description: The pair trades below its resistance at 1.2898, below this level look for further downside loses towards 1.2825/1.2780 levels, a break above 1.2898 - an hourly close is better - will reverse risks to the upside and bring rebound towards 1.2945/1.3025 levels.
Best Regards
Haitham
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Comment by onetzen on March 20, 2013 at 4:49am -
Thanks for the update, Mr. Haitham.
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Comment by Jasmine C on March 20, 2013 at 7:18am -
Morning,
If you plot a trend line from this weeks highs (so, not including 3106) the line will meet 2923 in a couple of hours. that's a very nice place to get short if price starts to drift above 2900... :-)
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Comment by Luke Sierpniak on March 20, 2013 at 8:22am
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Thats a good ponit JC
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Comment by Haitham653 on March 20, 2013 at 8:29am -
Morning Jasmine ..
yes you are right but , according to momentum indicators , above 1.2898 we hive some bullish momentum and the pair might test 1.2945 ahead of 1.3025.On the downside, the pair needs to back and hold below 1.2898 to expose 1.2843, otherwise the risk will remain to the upside..
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Comment by Jasmine C on March 20, 2013 at 8:36am
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Thanks for the feedback. I'm sitting this one out until I see some direction. At the moment, what I see is a _drift_ upwards - and I don't really trade the drift.
I would like to see price move a little higher, then strong move down below 2891, pullback then I pull the trigger :-)
That's my plan today. Don't really have another one :-) Will just have to wing it if that doesn't play out :-))
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Comment by Jasmine C on March 20, 2013 at 8:48am
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OK - we have the strong move down...
So now, technically, I'm looking to sell on a pullback. The strength of this first move down and the depth of pullback should give me some indication of targets....
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Comment by Jasmine C on March 20, 2013 at 9:09am
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OK - if i get the opportunity... selling at 2900 and not a pip before.... SL 2920...
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Comment by Haitham653 on March 20, 2013 at 9:35am
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The pair has retested the broken level 1.2900, before the next rise , let's wait and see!!!
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Comment by Haitham653 on March 20, 2013 at 9:43am
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I entered long at the pullback at 1.2890, stop below 1.2870, let's wait and see..
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Comment by Jasmine C on March 20, 2013 at 10:03am
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much better plan! i am out of my trade... the pattern failed after breaking 2914... that will teach me to trade off the 15min chart :-)
now waiting for a new setup... don't have a problem long or short but now that I've drawn my trend line i cant get that 2923 level out of my mind as resistance :-) will need to see that broken before entering long!
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