EURUSD Daily Outlook 24 Feb 2012
As expected yesterday,stability above 1.3230 led for a long bullish candle over 100 pips , the most important thing happened yesterday was; breaking of the potential top - resistance - 1.3292 according to RSI on 4 hour..
As shown on the 4 hour chart posted above , a bearish correction is suggested to the area 1.3292 followed by a consolidation before attacking 1.3450 and 1.3550 levels !
Keep in mind stability above 1.3230 is gonna keep the intraday trend very bullish , losing 1.3230 is gonna take us to the neutral zone testing 1.3120, losing 1.3120 is gonna completely eliminate the bullish scenario on intaday time frames testing 1.2975...
Today I assume a sharp fall from 1.3390/430 levels towards 1.3300, If you wanna short it's up to you ,but I recommend buying the dips ?!!!
Trend Direction is Upward, the trend will remain valid as long as the daily close is above 1.2975, technical targets are around 1.3450 and 1.3540
Trading range: 1.3250: 1.3450
Resistance: 1.3390,1.3440, 1.3500, 1.3550
Recommendations: Upon the chart and the explanation posted above; my recommendation is buying the pair around 1.3300 targeting 1.3450 & 1.3540 , stop loss below 1.3230..
Silver Daily Outlook 24 Feb 2012
As shown on the daily chart above , the pair is trading around a critical resistance, It almost reached the sloping resistance line on daily and weekly, If you look to momentum indicators on daily chart , the pair is heading to the resistance while momentum indicators unable to move any higher ( losing momentum) so we need to watch the pair on daily next week , a daily close above 35.66 - high of 28 Oct 2011 - is indeed to attack 38.00 and 40.00 levels in medium term !!!
Let's shift down to 4 hour and see what do we have ?!!
According to the 4 hour , a bearish correction towards 34.50/34.75 levels is suggested followed by a consolidation before testing 35.30/35.60 levels , breaking of 35.60 is gonna take us towards 38.00 levels..
A rejection from 35.60/35.30 levels is gonna test 34.00 levels , losing the last one would take us towards 32.80/32.60 zone...
Trend Direction is Upward , the trend will remain valid as long as the daily close is above 32.80 technical targets are around 36.60 levels.
Trading range: 34.50 - 35.50
Resistance: 35.30, 35.70,36.20
Recommendations: Upon the chart and the explanation posted above; my recommendation is buying the pair around 34.60 targeting 35.50 , stop loss below 33.91
Friday 24 Feb 2012 09:46 AM