EUR/USD Daily Outlook 03 FEB 2012
The EURO opened this week at 1.3204 , then declined strongly during the week and tested EMA 50 on daily around 1.3050, this level was rejected strongly and the pair most of times was trading above 1.3100 level , tested "1.3200" 3 times , so I guess the level 1.3200 becomes weak , and a breach may happen today above this level ?!!
These levels need to be watched today:
1.3008, 1.3067, 1.3024 And 1.3197, 1.3256, 1.3321
Stability above 1.3024 is indeed to keep the bullish trend intact , losing 1.3024 may test 1.3008 but it would find strong support around 1.3067?!!
check the 1 hour chart above , looks like a triangle , I guess breaking above this pattern would lead for a strong bullish move above 1.3200?!!
Remember, a daily close above 1.3197 is supposed to take us towards 1.3321 & 1.3550 in medium term, a daily close below 1.3008 is supposed to take us towards 1.2875 & 1.2600 in medium term?!!
Trend Direction is Upward, the trend will remain valid as long as the daily close is above 1.3008, technical targets are around 1.3256 & 1.3321.
The trading range for today probably would be between the support level 1.3100 and the resistance level 1.3300
Support: 1.3024, 1.3067, 1.3008
Resistance : 1.3197, 1.3256, 1.3321
Recommendations: Upon the chart and the explanation posted above my recommendation is buying the pair with an hourly closing above 1.3197 targeting 1.3256 & 1.3321,stop loss 1.3110 OR buying the pair around 1.3067 targeting 1.3197 & 1.3256 , stop loss at 1.2950...
Silver Daily Outlook 03 FEB 2012
With yesterday's close, the silver slipped above the slopping resistance line on daily and closed above 33.92 - the last level which was preventing the pair from going up - as expected in the previous reports ?!!
Today, we may witness some correction to the broken level , so we can buy the pair around this level ..but CCI on hourly chart is finding some support around 34.11?!!
Trend Direction is Upward, the trend will remain valid as long as the daily close is above 32.74, technical targets are around 36.60 & 37.45
The trading range for today probably would be between the support level 33.92 and the resistance level 36.60
Support: 33.92, 33.37, 32.74
Resistance : 34.60, 35.25, 35.60
Recommendations: Upon the chart and the explanation posted above my recommendation is buying the pair around 33.92 targeting 34.60 & 35.60 ,stop loss at 33.20.
Friday 03 Feb 2012 10:02 AM