EURUSD, Neutral but under pressure, support at 1.2910, resistance at 1.3100 !
The EURUSD maintained a strong bearish momentum with the beginning of this week affected by bad news from Cyprus , the market was driven - most likely - by fears and emotions.
At the moment of writing , the pair trades around 1.2952 above the key support 1.2910, a daily close below this level is indeed to accelerate the bearish move towards 1.2661 levels, a daily close above 1.2910 may bring rebound to the upside towards the key resistance 1.3070 ahead of 1.3100 (main).
To reverse risks to the upside, EURUSD will have to hold and consolidate above the key resistance 1.3100 on a daily closing basis, If seen, focus will be the key resistance 1.3190 where a breach will pave the way to 1.3318 levels.
With the key resistance 1.3100 intact, the risk will remain strong to the downside, but the pair needs to hold and consolidate below 1.2910 to expose 1.2661 before attacking 1.2400 levels, otherwise recovery is suggested to 1.3070/1.3100 levels.
Best Regards
Haitham
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Comment by Haitham653 on March 18, 2013 at 9:27am -
EURUSD @ 1.2970, Intraday resistance at 1.2980, a consolidation below this level will bring another decline towards / below 1.2910, break of 1.2980 will open the way to 1.3030 ahead of 1.3055..
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Comment by Haitham653 on March 18, 2013 at 1:12pm
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Can a country like Cyprus have a negative impact on the European Union !
Honestly , yes It would have small/moderate impact on the European Union! not big one !!
Why !!
Cyprus is a small country who lives on foreign investments .most of those investment come from the European Union, the worse thing that might happen to this island , investors would leave the island with their investments ,If seen, they would take their investments to another place in the European Union.!!!As I see Cyprus can't affect the EURO that badly ,It makes no sense at all , yes It helped to dip the pair last night but , I believe this is not the main reason!!!
I guess something bad is happening behind the scene, something probably is related to the European economic summit...I think the problem is far worse than Cyprus !!!
I think the EURO won't expose 1.2661 before the next summit on May, most likely it would range between 1.2700/1.3300 levels waiting for the next summit..
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Comment by Haitham653 on March 18, 2013 at 2:45pm
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Update: support at 1.2919, resistance at 1.2976, break of 1.2919 will expose 1.2880 and target 1.2810 levels. break of 1.2976 will open the way to 1.2997/1.3010 ahead of 1.3045(main).
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Comment by xtian21 on March 18, 2013 at 2:58pm -
thank you so much
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