EURUSD Weekly Outlook (04 - 08 June 2012)
The EURUSD continued its bearish momentum last week, bottomed at1.2287, topped at 1.2624 and closed 1.2405....
This week I assume a bearish move testing the key support 1.2200, a clear break below this level would lead for more loses testing 1.2000 levels...
Immediate resistance is seen around 1.2500 where bounce back to down side is expected ,a clear break above this level - daily close - would lead for more gains testing 1.2700 zone....
Conclusion : I think the EURO would test 1.2500 levels( fake move on Monday & Tuesday) ,before forming a lower leg below 1.2287 (the rest of the week) ,possible bottom around 1.2200/1.2000 is suggested before attempting any move above 1.2500....
Recommendations: Selling the pair around 1.2495 targeting 1.2350 & 1.2200 , stop loss at 1.2600 or stop out with a daily closing above 1.2500...
Best Regards
Sunday 04 June 2012 09:33 PM
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Comment by Priyank Nevatia on June 3, 2012 at 9:39pm -
Thanks Haitham653 for your weekly outlook. It does help us newbies to plan our trades around your mentioned levels.
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Comment by Fredrick Muthee Muiru on June 3, 2012 at 10:21pm -
Thanks Haitham653 am up dated for the week.Tanks Sir.
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Comment by dhandapani on June 4, 2012 at 12:20am -
thanks haitham..........
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Comment by Sundaram on June 4, 2012 at 7:01pm -
Dear Haitham,
At what time is your daily close in GMT, please?
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Comment by Haitham653 on June 5, 2012 at 2:09am -
Hello Sundaram..
Yes It's GMT, since we had close above 1.2500 yesterday,there's a high risk for testing 1.2641, I recommend exit short with minimum loss and watch the pair tomorrow !!
By the way, the EURO isn't rising, the U.S.D is falling, just give it 24 hours,and EURO would fall again but as I said It may test 1.2641 zone before falling !!!!
wait for my updates....
Best Regards..
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Comment by Haitham653 on June 5, 2012 at 2:30am
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A daily close or H4 at least below 1.2495 is indeed to resume the downtrend,,,
On 15 min chart, the pair is in extended bearish divergence " bullish reversal " in short time ,as long as 1.2495 holds, the pair might gain looking for topping around 1.2600/1.2641 zone....
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