EURUSD-Medium term is sideways;1.2660 & 1.3171 are important pivots!

As shown on the weekly chart below, the pair is trapped between the weekly support 1.2660 and the weekly resistance 1.3171, most likely the pair will trade between these levels the upcoming months, a weekly close above 1.3171 September highs will open the way to 1.3500 levels, while a weekly close below 1.2660 November lows will open the way to 1.2400/1.2000 levels.

On the daily chart, Ichimoku indicator suggests more gains in the nearest term ,but a test to the cloud is suggested before resuming the bullish move, so far there's no sign of any reversal , even some weakness starts to appear but a daily close below 1.3000 is indeed to open the way to 1.2927 , below this level look for 1.2800 levels, a consolidation below 1.2800 levels and below the cloud will bring a free fall to 1.2400 levels.

On the intraday time frame , current price is 1.3080, a consolidation below 1.3045 would weaken and threaten the psychological level 1.3000 !!!

Recommendation # 1: Selling the pair above 1.3139 targeting 1.3020,1.2930 and 1.2800 , stop loss 1.3212 ...

Recommendation # 2 : Buying the pair above 1.2775 targeting 1.2950, 1.3080 and 1.3200 , stop loss 1.2650...

Best Regards

Haitham

Views: 186

Tags: EUR/USD, EURUSD

Comment

You need to be a member of Forex Social Network to add comments!

Join Forex Social Network

Members

© 2014   Created by FXStreet.

Badges  |  Report an Issue  |  Terms of Service

Offline

Live Video