EURUSD Weekly Outlook 19-23 Mar 2012

(EURUSD Weekly Outlook 19-23 Mar 2012)

The EURUSD recovered in the last 2 days of the last week from all losses and closed at 1.3172 after testing 1.3000 levels!

The bullish correction happened last Friday was normal and it was expected fundamentally, the rise happened after U.S CPI data was released, but this bullish move was capped by strong resistance on daily chart at 1.3190 levels…

Here is a quick look at technical look for the next week!

Monthly Support & Resistance Levels: (Mar 2012)

Resistance: (1.3500) main, where correction is possible, break would test (1.3670), the next levels are (1.3840) and (1.4000)…For buyers the bullish zone is above 1.3500

Support :( 1.3150) main, where correction is possible, break would test (1.2980), the next levels are (1.2810) and (1.2640)…For sellers, the bearish zone is below (1.3150)...

The neutral zone is between (1.3150 - 1.3325) where it is recommended to evaluate activities on daily and weekly?!!

The pivot level for this month is (1.3325)…

Above 1.3500: Very Bullish Trend

Between 1.3325 - 1.3500: Light Bullish Trend

Between 1.3150 - 1.3325: Light Bearish Trend

Below 1.3150: Very Bearish Trend

Last week, the pair tested the first support level -1.2980- where strong correction usually finds, around this level 1.3003 pulled back strongly and closed above the main support 1.3150, giving us a light bearish trend...

What would happen next week?!!

After pulling back from the support area 1.2980 and breaking above 1.3150; I think we should test the monthly pivot 1.3325 before falling again?!!

Medium – term Trend Direction: I turned from bearish to sideways.

Weekly Support & Resistance Levels: (19-23 Mar 2012)

Resistance: (1.3240) main, where correction is possible, break would test (1.3300), the next levels are (1.3360) and (1.3420)…For buyers the bullish zone is above 1.3240.

Support :( 1.3110) main, where correction is possible, break would test (1.3050), the next levels are (1.2990) and (1.2930)…For sellers, the bearish zone is below (1.3110)...

The neutral zone is between (1.3110 - 1.3240) where it is recommended to evaluate activities on 60 min and 240 min chart ?!!!

The pivot level for this week is (1.3175)…

Above 1.3240: Very Bullish Trend

Between 1.3110 - 1.3175: Light Bullish Trend

Between 1.3110 - 1.3050: Light Bearish Trend

Below 1.3050: Very Bearish Trend

Recommendations: Observing trading on 60 min and 240 min ; anticipating long around the support area 1.3110/1.3050,  and anticipating short around the resistance area 1.3240/1.3300…

Best Regards

Sunday 18 Mar 2012 09:23 AM

Views: 1380

Tags: EUR, EUR/USD, USD

Comment by Haitham653 on March 19, 2012 at 4:52am

According to RSI on 60 min chart , a bearish correction towards 1.3120/100 area is suggested before testing 1.3240/80 area...

Comment by Haitham653 on March 19, 2012 at 5:39am

Hello Jason, and thanks for your nice words..

If you read my previous blogs last week, you should notice that I sold the silver below 33.10..the pair declined towards the suggested support around 31.60 in matter of hours..

Now the level 33.10 turns to be a separated level between buyers and sellers...

H1 close above this level is gonna open too many doors to reach 34.40 levels but I think it's not easy at all..

Last week (Wednesday) RSI on 60 min chart, suggested a bullish correction towards 32.70/90 area before  testing 32.40 / 31.60 area once again...later it tested this level and declined towards 32.12 and didn't able to break below 31.60 levels...

What options do we have ?!!

We can short now below 33.10 around 32.70 and stop out with an hourly close above 33.10 but we have light bullish trend on 60 min , it may push higher and try to take 33.10 out..

For high probability trade a 30 min close below 32.12 is supposed to break below 31.60 and test 30.00 levels..

Thank you...

Comment by Haitham653 on March 19, 2012 at 5:56am

According to the daily chart:

EURUSD: The resistance level 1.3190/1.3290 should cap any bullish move..

GBPUSD: The resistance level 1.5830/1.5880 should cap any bullish move..

USDCHF: The support level 0.9140/0.9070 should hold any bearish move..

Comment by sowMa on March 19, 2012 at 7:51am

Hello good morning Haitham653, today eu may test 1.3120/40 levels ??? but trend is bullish. I think it may test 1.3140 levels then rebound to move towards 1.3200 ? ? ?

Comment by Haitham653 on March 19, 2012 at 7:53am

GBP/JPY: H1 close below 131.70 is supposed to lead for strong bearish move testing 130.90 and 130.20 area..

Comment by Haitham653 on March 19, 2012 at 8:04am

Scalpers: can short EURUSD 1.3160  for 30/50 pips target, stop at 1.3190

Comment by Haitham653 on March 19, 2012 at 8:14am

Scalpers: can short GBPUSD 1.5830  for 30/50 pips target, stop at 1.5855

Comment by Richard on March 19, 2012 at 9:57am

sir which level is good to buy eur now?

Comment by Haitham653 on March 19, 2012 at 11:05am

Hello Richard , according to RSI on 60 min chart I recommend around 1.3120 area..

even the par may rise now but If we wanna buy it around this level 1.3160 we have to use high stop loss so it's risky..

Anyway, as long as we have 30 min close below 1.3170 , a correction towards 1.3120/100 area is suggested..

Regards..

Comment by Haitham653 on March 19, 2012 at 11:41am

USDJPY: now 83.12, according to 60 min chart,a bearish move towards 82.00 levels is suggested as long as the level 83.40 holds, H1 close above this level may lead for unclear direction ?!!

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