EURUSD & Silver Outlook 02 FEB 2012
EUR/USD Daily Outlook 02 FEB 2012
The EURO pulled back from 1.3060 levels towards 1.3200 levels after breaking of 1.3115 as suggested in yesterday’s report, it was unable to make any move below the main support on weekly 1.3000 add to that the EMA 50 on daily still protecting the upward trend.
What would happen today?
We need to watch these levels carefully: 1.3006, 1.3066, 1.3112 and 1.3200, 1.3260, 1.3325
Yesterday, 1.3115 was the separated level between going up or down?
So, today we need to watch1.3112, breaking of 1.3112 may test 1.3006, pulling back from 1.3112 may test 1.3200 once again?!! Last night the pair found support around 1.3150 , so breaking of 1.3150 may lead for a limited bearish move towards 1.3100 levels but the major level for today is 1.3112?!!
An hourly close above 1.3200 is supposed to test 1.3260; breaking of 1.3260 would test 1.3325
Remember, a daily close above 1.3200 is supposed to take us towards 1.3325 & 1.3550 in medium term, a daily close below 1.3006 is supposed to take us towards 1.2875 & 1.2600 in medium term?!!
Conclusion: a daily close below 1.3200 may test 1.3000 once again; testing 1.3000 with a daily close above 1.3000 may test 1.3200 once again?!!
Trend Direction is Upward, the trend will remain valid as long as the daily close is above 1.3006, technical targets are around 1.3260 & 1.3325.
The trading range for today probably would be between the support level 1.3000 and the resistance level 1.3200
Support: 1.3112, 1.3066, 1.3006
Resistance: 1.3200, 1.3260, 1.3325
Recommendations: Upon the chart and the explanation posted above my recommendation is buying the pair with hourly close above 1.3200 targeting 1.3260 & 1.3325, OR buying the pair around 1.3006 targeting 1.3110 & 1.3200 , stop loss at 1.2920 or stop out with an hourly close below 1.3006?!
Silver Daily Outlook 02 FEB 2012
The silver is trapped between 32.74 and 33.92 , the EMA 200 is protecting the upward trend on daily chart , so losing 32.74 may test 31.00 levels , breaking above 33.92 would test 40.00 levels in medium term ?!!
Yesterday, the pair pulled back from the suggested level around 33.10 towards 34.00 levels, but it was unable to make any close above 33.92 especially the daily, so we may test 33.00 once again?!!!
Support: 32.25,32.75, 33.10
Resistance: 33.40, 33.92, 34.55
Recommendations: Upon the chart and the explanation posted above; my recommendation is buying with an hourly close above 33.92 targeting 34.55 & 36.25 , stop loss at 33.30 , OR buying the pair at 33.00 targeting 34.10, stop loss at 32..45
Best Regards
Haitham653
Thursday 02 Feb 2012 08.24 AM
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Comment by Haitham653 on February 2, 2012 at 4:11pm -
Strong buy entry has been confirmed on EUR/USD , 30 min chart , but I have to wait for confirmation from 1 hour chart
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Comment by ROR on February 2, 2012 at 4:28pm -
thank u Boss :)))
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Comment by elanthiraiyan on February 2, 2012 at 4:54pm -
thanks for ur reply... but i post chart here ema 50 (close) closed below EMA 50 at circle i mentioned.. what does that mean..
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Comment by Haitham653 on February 2, 2012 at 5:20pm
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Ok look at the chart posted above, it's different from yours..Anyway , for more confirmation ,once we have a close above or below any EMA , to confirm the breakout , look at the low of the candle that closed below EMA 50 , its low is our support level/breakout level , wait for the second candle to close below the previous low , this way we would have strong breakout ?!!
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Comment by elanthiraiyan on February 2, 2012 at 5:40pm
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i cleared now... i dont know why charts are different .. thanks for clearing my doubt...
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Comment by Haitham653 on February 2, 2012 at 5:56pm
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The idea , as an intaday trader , keep watching the daily chart , it's much powerful than any other chart..
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Comment by Haitham653 on February 2, 2012 at 6:19pm
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We've already had a good setup to buy the silver , the pair already tested the broken level 33.92 and slipped a bit towards 33.70, now it's trading above 34.00 level
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Comment by Haitham653 on February 2, 2012 at 6:48pm
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Charts are different; because of the different timing of the broker server, most of brokers used Universal Time (UT) or (GMT) , some use Eastern European Time (EET) (UT+2 Hours) and some use Eastern Standard Time (North America)(UT+5 Hoours)....this is the most common.
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Comment by Haitham653 on February 2, 2012 at 6:51pm
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Today , If we have a daily close above 33.92 , I guess the EURO will break above 1.3200 tomorrow or next week ?!!!
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Comment by Haitham653 on February 2, 2012 at 8:29pm
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Look at the 4 hour chart above , this is the second close above 33.92 , add to that we have hidden bullish divergence , this way I guess we have strong bullish breakout..but a daily close would confirm the bullish breakout..(4 hours left till the daily close)? now the pair is 34.33 ?!
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