EURUSD - Intraday Technical Analysis (31 Oct 2012)

The EURUSD maintained a bullish momentum yesterday as previously suggested , the bullish momentum was capped by the daily resistance 1.3015/22 as suggested yesterday and earlier in my weekly report.

The assumed target according to 1 hour chart (%R) is not achieved yet at 1.3020, but Osma trend indicator indicates that the bullish development is weakening now, an hourly closing below the key support 1.2945 will confirm short term top at 1.3020 and threaten 1.2922/1.28881 levels, a break below 1.2881 would confirm topping at 1.3020 and bring strong bearish move towards 1.2840/720 levels, however;stability above the key support 1.2945/55 means that the pair might try testing 1.3020 - recent high - once again,  If seen and 1.3020 fails . the pair may extend its bullish move towards 1.3040/80 levels, intraday traders can watch the pair around this area anticipating rejection to short the pair.

Best Regards

Haitham

 

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Comment by Haitham653 on October 31, 2012 at 6:26pm

Update:

According to 1 hour chart, positive reversal pattern under development, an hourly closing above 1.2979 would test/ surprise 1.3020 level with a breach, below1.2945 would threaten1.2900 levels.. 

Regards

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