EURUSD - Weekly Strategy (19-23 Nov 2012)

The Downside Prevails

Pivot: 1.2875

Recommendation: SHORT positions below 1.2875 with 1.2625 & 1.2560 as next targets.
Alternative scenario: The upside breakout of 1.2875 will open the way to 1.3020 & 1.3139.
Comment:The market’s failure at 1.2801 helped form the down sloping resistance line of a downward channel on the daily chart, creating a high opportunity for bearish swing traders which may lead to a break to the down sloping support line near 1.2660.Upon last week's move and the new downside momentum that appeared, it indicated that buyers'  tries to put in a bottom in 1.2700 zone will likely fail, this will mean a possible acceleration to the downside through the last swing bottom at 1.2660. A break below this level could signal a further decline to 1.2625 to 1.2558 levels in the nearest time .But in return a daily closing above 1.2875 will reverse  risk to the upside and target 1.3020/1.3139 levels... 

Best Regards

Haitham

Views: 753

Tags: EUR/USD, EURUSD

Comment by Haitham653 on November 21, 2012 at 6:33am

So far we have 3 options for EURUSD in medium term outlook: 

1- A daily close  below 1.2765 would suggest that recent fall from 1.3171 is resuming and target 1.2400 levels.

2- A daily close above 1.2875 will take us to the neutral zone and open the way to  1.3020,1.3139 and 1.3171 levels.

3- A daily close above 1.3171 would suggest that recent rise from 1.2042 is resuming and target 1.3500 levels....

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