EURUSD - Weekly Strategy (11-15 Feb 2013)

Pivot: 1.3428

Recommendation: SHORT positions below 1.3428 with 1.3270 & 1.3150 as next targets.
Alternative scenario: The upside breakout of 1.3428 will call for a rebound to 1.3577 levels.
Comment: With daily MACD crossed below signal line,and breaking below the key support 1.3370 last Friday , bearish momentum breakout has been completed at 1.3370, and a top has been placed at 1.3710 levels, this scenario suggests more consolidative trading with bearish bias below 1.3577, the pull back from 1.3710 should be resumed - as long as 1.3577 holds - towards 1.3270/1.3150 levels before the next rise. at this point I'd expect downside to be contained well above 1.3030/1.3150 levels to bring another rally above 1.3570 levels.On the upside, break of 1.3428 - minor resistance - will call for a rebound to 1.3577 levels, but upside move above 1.3428 should be contained well below 1.3577 and bring another decline towards 1.3270/1.3150 levels, break of 1.3577 may retest - expose - 1.3710 !!!

Hint: Intraday traders can watch the pair below 1.3270 levels anticipating bottoming to enter long with target above 1.3570 levels, the same thing with 1.3570, this level can be watched anticipating rejection to short with target below 1.3270 levels..

Best Regards

Haitham

Tags: EUR/USD, EURUSD

12 members like this

Comment by devrim oz on February 10, 2013 at 8:30am: Thanks Haitham , technically may I ask please , on weekly Eu touched 200 MA , hence a rebound is inevitable ? This rebound may touch on daily 21 MA 1.3430 is inevitable ? Then it should retest and come down again to 1.3350?

Comment by Tusif Ak on February 10, 2013 at 8:39am: hey haitham any clues on EUR/JPY?

Comment by TTRosin on February 11, 2013 at 6:35am: Good morning Haitman

Please ake you to use indicators on their charts, I think in the right window

Comment by FAISAL KHAN on February 11, 2013 at 7:38am: Thanks Haitham sir.

Comment by Haitham653 on February 11, 2013 at 10:41am: Last Friday, the pair not only close below 1.3370, but also found dynamic resistance at 1.3428, as long as the daily close is below this level, more loses are suggested to 1.3270/150 levels, only a daily close back above 1.3428 will bring strong rebound towards 1.3577 levels where strong fall is also suggested around / below this level...

Comment by pavlos antonopoulos on February 11, 2013 at 8:54pm: good job!!! haitham

EURUSD - Weekly Strategy (11-15 Feb 2013)

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