-----------------------------------------------------------------------------------------------------------------------------------------------

Hello everyone..

Last week, a big reversal happened on the EURUSD, created a lower top on the 4 hour – chart, forming an emerging pattern and setting up the market for further weakness, the market’s failure at 1.3290 helped form the down sloping resistance line of a downward channel on 4 –hour, creating a high opportunity for bearish swing traders which may lead to a break to the down sloping support line near 1.3095 in short term.


The lower top at 1.3290 added more negative pressures to the double top pattern (1.3485), so 1.3290 is a pivotal level between up and down..


The result; as long as the level 1.3290 holds, keep selling the pair at tops , If this important resistance is taken out, the next target would be around 1.3800 levels…


 Honestly, I believe 1.2980 should be tested at least – even 1.2810 is suggested during March – before bounce back towards 1.3500 levels..

The idea is that the pair must bottom or form any "bullish" reversal pattern on 4 hour or daily around 1.3000 or 1.2800 levels to gain the momentum needed to break above 1.3300 levels..


According to RSI, the pair is under strong negative pressure, 1.3000 levels should be tested, and a break below 30 level of RSI may take us towards 1.2800 after testing 1.3100 levels…


Monthly Support & Resistance Levels: (Mar 2012)

Resistance: (1.3500) main, where correction is possible, break would test (1.3670), the next levels are (1.3840) and (1.4000)…For buyers the bullish zone is above 1.3500


Support :( 1.3150) main, where correction is possible, break would test (1.2980), the next levels are (1.2810) and (1.2640)…For sellers, the bearish zone is below (1.3150)...
The neutral zone is between (1.3150 - 1.3325) where it is recommended to evaluate activities on daily and weekly?!!


The pivot level for this month is (1.3325)…


Above 1.3500: Very Bullish Trend
Between 1.3325 - 1.3500: Light Bullish Trend
Between 1.3150 - 1.3325: Light Bearish Trend
Below 1.3150: Very Bearish Trend


Last week, we had a weekly close below 1.3150, I think 1.2980 should be tested; we need to watch the pair around this level, strong bounce is suggested, but a daily close below 1.2980 is gonna test 1.2810 levels…


I believe – during March – the pair is gonna bottom around 1.2980 or 1.2810!!!


Weekly Support & Resistance Levels: (12-16 Mar 2012)

Resistance: (1.3185) main, where correction is possible, break would test (1.3250), the next levels are (1.3315) and (1.3380)…For buyers the bullish zone is above 1.3185.


Support :( 1.3055) main, where correction is possible, break would test (1.2990), the next levels are (1.2925) and (1.2860)…For sellers, the bearish zone is below (1.3055)...
The neutral zone is between (1.3055 - 1.3185) where it is recommended to evaluate activities on 60 min and 240 min chart ?!!!


The pivot level for this week is (1.3120)…


Above 1.3185: Very Bullish Trend
Between 1.3120 - 1.3185: Light Bullish Trend
Between 1.3055 - 1.30120: Light Bearish Trend
Below 1.3055: Very Bearish Trend


Daily Outlook 12 Mar 2012


The pivot level for Monday is 1.3120, the main resistance is 1.3180, a break would test 1.3240, taken this level out might take us to 1.3295..


The main support for Monday is around 1.3065, a break would test 1.3005, losing this level might test 1.2950/1.2890…

Recommendations:

1- Watching 1.3095 on daily, a daily close below this level may take the pair down towards 12600/500 levels..bounce back is suggested around 1.3000/1.2800 levels..

2- Selling the pair below 1.3095 levels, In-case we witness a bounce back from 1.3095 level...we have a good chance to short the pair around 1.3150/80 ..

Note: scalpers can buy the pair around 1.3000/1.2980 with 30 pips target and tight stops..

Best Regards

Sunday 11 Mar 2012 07:47 AM

Views: 904

Tags: EUR, EUR/USD, USD

Comment by ROR on March 12, 2012 at 3:16pm

Hi Haitham plz may u update us about Silver.

Thank you

Comment by Haitham653 on March 12, 2012 at 3:34pm

Hello ROR..

As long as the level 33.10 holds, we have light bullish trend on 60 min chart, I have long entry around 33.60 , target 34.10 & 34.40..stop below 33.10..but it's risky a bit...I recommend waiting for an hourly closing below 33.10, If this scenario happens, a massive bearish move is expected towards 32.40/ 31.55 and 30.00 levels...

Stability above 33.10 will keep pushing towards 34.40 levels , If this level is taken out 35.60 would be on the horizon...

Comment by Haitham653 on March 12, 2012 at 4:14pm

Simple question:

The problem of Greece is Over ?!!

In the past , It was European ?!!

Now it's global ?!!

So why the EURO should FALL now ?!!

I don't think so..I think the real challenge that the EURO should face, will come by the end of April 2012 Next Greek legislative election...

Comment by Haitham653 on March 12, 2012 at 5:57pm

The pair may test/find support around 1.3130/35 and attack 1.3170/200 area the next few hours, breaking below 1.3105/100 levels at least is indeed to resume the down move suggested for today....

Comment by Haitham653 on March 12, 2012 at 6:03pm

Strong bullish reversal pattern on the horizon according to RSI on 1 hour and 4 hour?!!

A clear break above EMA 50 on 4 hour , for sure is gonna pass 1.3290 easily....

Stability below EMA 50 on 4 hour, will keep pushing towards 1.3100 levels..

A clear break below 1.3080 is indeed to resume the down move...

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

Online

Live Video