EURUSD is neutral with bullish bias as a result of the European summit !
The EURUSD flew the last Thursday , 14th of March 2013 as a result of the European summit , definitely what happened behind the scene , was the reason behind that rise !
Anyway, I won't talk about details, but I think the main reason behind that rise is that the new draft budget was rejected by the European Concoul, basically I think they decided to hold the discussions till the next summit on the 22th of May 2013 to make their final decision.
However, next summit will decide whether the EURO is heading to 1.2000 or 1.4000 levels, Investors and market players are aware of those facts, so hesitation will take control over the market and it's unlikely to see the pair below 1.2910 these days, most likely the pair will range with bullish bias waiting for the next summit!!!
Technically, on the weekly chart, bullish reversal pattern is under development,still early to talk about that,but with the key resistance 1.3710 intact, the area below 1.2661 is suggested, my own thoughts ,the key support 1.2661 probably will be exposed after the next summit not these days!
Best Regards
Haitham
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Comment by Haitham653 on March 17, 2013 at 2:11pm -
I don't wanna get into details, but we can't say that the new draft budget was rejected 100%, it's complicated a little bit, lots of things need to be tested on the ground , so the next 2 moths most likely will decide the next move for the EURO the rest of the year...
Anyway, keep in mind that Italy on the edge of falling down, new crisis on the horizon , we need to keep an eye on Italy the next 4/8 weeks....
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Comment by Alexander B. on March 17, 2013 at 7:55pm -
Hi Haitham,
what do you think about short reverse to 1.3060-1.3031 and then rise to 1.31 and 1.3134
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Comment by Alexander B. on March 17, 2013 at 7:56pm
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By the way THANK YOU that you reply on comments, I really appreciate it!!!
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Comment by Amir Ahmad Malik on March 17, 2013 at 9:17pm -
What just happened? What is the new bias now?
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Comment by Haitham653 on March 17, 2013 at 9:51pm
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Now we need to keep an eye on 1.2910, a daily close below this level will expose 1.2661 level even If we witness recovery, a rejection from 1.2910 followed by a daily close above 1.3000 will send the pair toward 1.3200/300 levels.
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