EURUSD & Silver Outlook 03 FEB 2012
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.
Best Regards
Haitham653
Friday 03 Feb 2012 10:02 AM
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Comment by No money on February 3, 2012 at 9:50am -
Thanks Haitham
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Comment by Haitham653 on February 3, 2012 at 12:02pm -
Intraday Signal :
Buy EUR/USD @ 1.3160 , S/L @ 1.3110, T/P @ 1.3200
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Comment by Haitham653 on February 3, 2012 at 1:08pm
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The EURO should move up today at least 100 pips from 1.3160, incase the pair fails to break above 1.3197 this week, we may test 1.3066 before breaking of 1.3200 level , today or next week ?!!
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Comment by No money on February 3, 2012 at 1:43pm
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Thanks Haitham again
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Comment by Haitham653 on February 3, 2012 at 1:45pm
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Thanks , U R welcome Aleksey ..
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Comment by Haitham653 on February 3, 2012 at 1:49pm
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Yesterday, we had a daily close above 1.3124 , this level should stop any down move, losing 1.3124 would test 1.3066 ?!!
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Comment by Haitham653 on February 3, 2012 at 2:36pm
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According to the 3 hours chart, the pair is supposed to find strong support around 1.3084, see the chart below:
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Comment by Haitham653 on February 3, 2012 at 2:45pm
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The pair has already tested 1.3067 , and our entry has been activated , now the pair should pullback towards 1.3124, stability below 1.3124, may keep the pair ranging around 1.3060 level?!!
breaking of 1.3124 would test 1.3197 once again ?!!
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Comment by Haitham653 on February 3, 2012 at 5:12pm
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(30 JAN - 03 FEB) Recap:
This week, the pair was trapped between 1.3000 levels and 1.3200 levels , most of times the pair was above 1.3100 , tested 1.3200 (4) times , pair's moves below 1.3100 were limited also the EMA 50 on daily served as strong support ,so the level 1.3200 becomes weak and vulnerable ?!
According to EMA 50 on weekly, the pair should test any of these levels in medium term:
1.3425 , 1.3595 , 1.3780 , around these levels we should be anticipating any reversal pattern on daily chart , and the downtrend is supposed to resume around any one of these levels?!!
Next week, I'm quite sure we're going to pass 1.3200 , unless we have a weekly close below 1.3000 and I see it almost "impossible" according to the weekly chart , let's wait and see ?!!
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Comment by Haitham653 on February 3, 2012 at 5:17pm
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Note: the support level in the main post above is 1.3124 not "1.3024"
you can see it the hourly chart posted above , the red line , sorry for this mistake ?!
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