EURUSD reverses risk to downside & threatens the rising trend line!
The EURUSD maintained a bearish momentum yesterday,and reversed risks to downside, this scenario suggests that rejection from the key resistance 1.3130 still in progress and might push the pair further lower,now pressure will be on the key support 1.2951, EURUSD will have to hold below 1.2951 on a daily closing basis to push the market for further downside losses, if seen this scenario could push the pair further lower towards 1.2890 levels, where a breach will threaten the rising trend line that comes from last July and turn focus to 1.2834 then 1.2740 , Alternatively a failure to hold below 1.2951 could mean a return to the 1.3082 levels, If seen intraday traders can observe the market below 1.3082 anticipating rejection to take small shorts ,however ; if1.3082 fails , expect EURUSD to strengthen further towards the 1.3139/1.3171 levels.
Best Regards
Haitham
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Comment by Haitham653 on October 24, 2012 at 5:13am -
Intraday updates:
As long as 1.3015 holds, the risk to break below 1.2955 remains high, above 1.3015 would push towards 1.3050 & 1.3082 .
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Comment by Haitham653 on October 24, 2012 at 8:42am
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Update:
Backing to my weekly report , I've said that 1.2927/1.2802 protects the upward move on the daily chart, an hourly closing below 1.2927 is indeed to resume the bearish move below 1.2900 levels, otherwise the pair might form a lower leg to reverse towards 1.3000 levels !!!
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Comment by Haitham653 on October 24, 2012 at 2:24pm
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Check the both charts below 4 hour and 1 hour, looks like the pair is going to test 1.3040 before heading toward 1.2860/40 levels.
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Comment by Haitham653 on October 24, 2012 at 2:32pm
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As long as 1.2920 holds the next target is 1.3040 , If 1.2920 fails with H1 closing below it, the the pair would extend its bearish move below 1.2900 levels, the next bottom will be between 1.2860/40 before the next rise towards / above 1.3000 !
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Comment by Peter jcp on October 24, 2012 at 2:38pm -
Hi Haitham- re trying 3040 before lower ? If we have 3 LH's atm - at 2996 and just 2982 and 78.
So if we do go above those 3 prices - I would then expect 3007 and 3015 to hold before 3040 area. Main supports atm 2953 and 2940 for any attempt lower.
Regards
Peter
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Comment by Haitham653 on October 24, 2012 at 6:52pm
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If the pair fails to close below 1.2951 today, tomorrow eyes will be on 1.3040/80 !!
However, an hourly closing above 1.2995 will activate my bullish divergence(s) and pave the way for a run towards 1.3040/80 levels !
Alternatively, an hourly closing below 1.2920 would extend the pair for further losses towards 1.2860/40 levels !!
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Comment by Haitham653 on October 30, 2012 at 1:17pm
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Update:
Sellers were rejected from the suggested key support 1.2890, now pressure will be on the key resistance 1.2951, stability below this level on a daily closing basis is a threat to 1.2890 , but in return , a daily closing above 1.2951 might reverse risks to upside !!
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