EURUSD & Silver Outlook 29 FEB 2012

EURUSD Daily Outlook 29 Feb 2012

The EURO continued its bullish move yesterday ,bottomed at 1.3365 broke above 1.3465 after testing 1.3390 couple of times as expected before..

According to daily, yesterday we had a clear break above 1.3377 ( high & low) which I assumed a strong bullish signal to attack 1.3640 levels the next 24/48 hours...but a daily close above 1.3522 is gonna take us towards 1.3805 levels...

We can long around 1.3465 but to minimize the risk I prefer buying the pair around 1.3425, remember losing 1.3365 is gonna lead for strong bearish move (1.3210 & 1.3120) then ranging for awhile before heading towards 1.2975...

Trend Direction is Upward, the trend will remain valid as long as 1.3365 holds, technical targets are around 1.3550 and 1.3640

Trading range: 1.3400: 1.3550

Support: 1.3425,1.3365,1.3285,1.3230,1.3120, 1.3030

Resistance: 1.3485, 1.3522,1.3559, 1.3640,1.3722,1.3805

Recommendations: Upon the chart and the explanation posted above; my recommendations are :

1- Buying the pair around 1.3425 targeting 1.3520 & 1.3640 , stop out with an hourly closing below 1.3665...

2- Buying the pair with an hourly closing above 1.3522 targeting 1.3640 & 1.3720, stop loss 100 pips below you entry..

3- Selling the pair with an hourly closing below 1.3365 targeting 1.3210 & 1.3120, stop loss 1.3450.

Silver Daily Outlook 29 Feb 2012

As shown on the daily chart the silver breached above the big triangle or above the sloping resistance line from 49.78 , after bottoming at 35.03, well I consider this a strong bullish signal for medium term at least..

What would happen today?!!

We have 2 options:

1- It may continue flying towards 38.50 levels

2- Bearish correction is suggested towards 36.70 before heading towards 38.50 levels

For more safety I prefer buying the dips....

Trend Direction is Upward , the trend will remain valid as long as 35.03 holds, technical targets are around 38.50 levels.

Trading range: 36.50 - 38.50

Support: 36.70, 36.15, 35.65

Resistance: 37.40,37.95, 38.50

Recommendations: Upon the chart and the explanation posted above; my recommendation is buying the pair around 36.70 targeting 37.40, 37.95 and 38.50, stop loss below 35.60

Best Regards

Haitham653

Wednesday 29 Feb 2012 08:06 AM

Tags: EUR, EUR/USD, Silver, USD, XAG/USD

6 members like this

Comment by Haitham653 on February 29, 2012 at 8:55am: According to RSI on 30 min chart , 1.3425/30 is suggested for today before pulling back towards 1.3485 levels..

Comment by sowMa on February 29, 2012 at 11:07am: thanks and good predictions

Comment by Haitham653 on February 29, 2012 at 8:35pm: As shown on the chart posted below 1.3235 is possible target.

Comment by Haitham653 on February 29, 2012 at 9:53pm: According to 60 min chart, bullish correction is suggested towards 1.3345/65 before heading towards 1.3230 levels...

Comment by No money on February 29, 2012 at 10:01pm: http://www.forexstreet.net/forum/topics/eurusd-a-top-is-in-place?xg...

Comment by No money on February 29, 2012 at 10:03pm: Hi Haitham, thanks. Regards

Comment by Haitham653 on March 1, 2012 at 8:59am: Hello everyone..

Yesterday the market was very good , hope you made good profit...

Remember, once you have 30 pips profit exit your position or move your stop to your entry..!!

Yesterday ;

1- I longed the EURO at 1.3425, it moved towards 1.3468 (43) pips

2- I shorted the EURO below 1.3365 , it moved towards 1.3313 around 45 pips..

3- If you read my comments yesterday , you are expected to short the pair this morning around 1.3345/65 as I said yesterday, it dropped towards 1.3305 around 40 pips..

Comment by sowMa on March 1, 2012 at 9:04am: Hi Haitham . Good to see you today.

Comment by Haitham653 on March 1, 2012 at 9:09am: What would happen today ?!!

EUR/USD : We need to watch 1.3665, stability below this level will keep pushing towards 1.3285, breaking above 1.3365 will take us towards 1.3485

Losing 1.3285 would take us towards 1.3210..

I recommend buying only above 1.3365 , or If you wanna scalp above 1.3285 it's OK

Silver : I recommend staying aside from this pair at least for the next 24/48 hours..

Sharp fall happened yesterday , the pair broke below the bottom 35.03 , as I said we need to watch the pair for couple of day , to decide this drop is fake ( correction) or new downtrend ?!!

Thursday 01 Mar 2012 09:09 AM