EURUSD - Weekly Strategy (25 Feb-01 Mar 2013)

Recommendations: Long positions above 1.3144 with 1.3290 & 1.3360 as next targets.
Alternative scenario: The downside breakout of 1.3144 will open the way to 1.3090/1.3000.
Description: The weekly close last week above 1.3171 , keeps a chance for a rebound to 1.3485 levels, looking to the weekly %(R) , It's approaching from the oversold area, on the daily chart , a daily close back above 1.3305 will confirm short term bottoming and may retest 1.3425/1.3520 levels, stability below 1.3305 will focus on 1.3000 levels, on the 1 hour chart, as long as 1.3144 holds rebound to 1.3290 levels is suggested even higher, an hourly close below 1.3144 will open the way to 1.3090/1.3000 levels.

In the bigger picture,a weekly close below 1.2997 will confirm topping at 1.3710 and open the way towards 1.2661/1.2000 levels.

Note: strong levels on weekly where rebound is suggested to the upside: 1.3208,1.3090, 1.2965..

Best Regards

Haitham

Views: 3908

Tags: EUR/USD, EURUSD

Comment by Haitham653 on February 25, 2013 at 8:05am

In the long term view, 1.2661 is a separated level between up and down! As long as the weekly close is above 1.2661 eyes will be on 1.4225/1.4550 levels, a weekly close below 12661 will completely terminate the bullish view and pave the way towards 1.2000/1.1600 levels..

Comment by Alexander B. on February 25, 2013 at 8:24am

So you think now its going to the 1,2660 this area?and this is resistant?

Comment by Haitham653 on February 25, 2013 at 9:16am

No I think nothing, but I'm talking from technical view , on the daily chart as long as 1.2997 holds the pair is bullish and recovery may come any moment, a daily close below 1.2997 will target 1.2661 levels..

On the weekly as long as 1.2661 holds on a weekly closing basis, eyes on 1.4000/1.5000 levels , only a weekly close below 1.2661 will open the way to 1.2000/1.1600 levels.. 

So far, the pair is under pressure with eyes on 1.3000 levels..I can't say more than that !! 

Comment by Yasser sorour on February 25, 2013 at 9:31am

perfect thanks a lot 

1.3260 seems difficult to reach this hour ... I have to cut my long with a small profit ..  if the market fall from here, what is the first support in ur opinion ??!! plz  i wanna go long again maybe late this afternoon 

Comment by Haitham653 on February 25, 2013 at 9:35am

Yes Yasser..

We're around resistance , at 1.3245, it might rebound to retest 1.3200/150 levels..but I won't short above 1.3144 level...

Comment by Yasser sorour on February 25, 2013 at 9:48am

I understand ur view is bullish above 1.3144 ..... 

thaaaaanks alot for ur great assistant 

Comment by Gulam Hussain on February 25, 2013 at 10:01am

Mr. Haitham Sir, have you any opinion on USD/JPY for this week?

Comment by Haitham653 on February 25, 2013 at 10:13am
Comment by Gulam Hussain on February 25, 2013 at 10:20am

Thx very much!

Comment by Haitham653 on February 25, 2013 at 10:47am

GBPUSD, an hourly close above 1.5162 will bring more bullish momentum and fill the gap (1.5250) levels, stability below 1.5162 will keep the pair under pressure with further risks towards 1.5000 levels...

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