EURUSD - Weekly Strategy (28 Jan - 01 Feb 2013)

Pivot: 1.3350

Recommendation: LONG positions above 1.3350 with 1.3520 & 1.3590 as next targets.
Alternative scenario: The downside breakout of 1.3350 will call for a rebound to 1.3265.
Comment: The pair finally broke out of recent range and jumped to 1.3478 last week,initial bias remains on the upside this week, break of 1.3520 will advance the pair to 1.3595 levels,On the downside, break of the key support 1.3350 will weaken the bullish trend and bring strong consolidation around 1.3265/1.3350 levels, but downside below 1.3350 - If seen - is supposed to be contained well above 1.3264 - 23 Jan 2013 low - to bring another rally to 1.3500 levels, If 1.3265 fails, the bullish trend will be terminated completely and expect the pair to weaken further to 1.3000 levels even lower!!

Best Regards

Haitham

Tags: EUR/USD, EURUSD

9 members like this

Comment by Mai Gamal on January 26, 2013 at 4:45pm: thank you haitham for your recommendation and analysis , really its too good
i need to ask :
* if you will make a new recommendation in monday ?
* your analysis mean to wait , not to make any deals until to be sure that The pair will break of the key support 1.3350
Eagerly wait your next recommendations >>> it's really great
thanks

Comment by Haitham653 on January 26, 2013 at 5:23pm: Hi Mai...

What I mean is to long the pair above 1.3350, wait for a pull back to 1.3400/1.3380 levels, then long with target to 1.3500 levels,stop below 1.3350, or long after a daily close above 1.3520...

Comment by Mai Gamal on January 26, 2013 at 5:23pm: you are great

Comment by Haitham653 on January 26, 2013 at 5:44pm: When the market open next Monday, the first 3 or 4 hours, the EURO may jump to 1.3480/1.3520 levels (fake rise) then sharp fall to 1.3400/1.3380 levels..

Comment by Haitham653 on January 26, 2013 at 5:51pm: Even the market may open on a small gap to the upside !!!

Comment by Mai Gamal on January 26, 2013 at 5:52pm: that mean i can make a buy deal when the market open and target 1.3500 then make sell deal when its 1.3520 because it will sharp fall to 1.3400/1.3380 levels and the target will be 1.3350 as example

Comment by Haitham653 on January 26, 2013 at 5:59pm: According to the daily chart, we had bearish momentum breakout at 1.3520 -09 Nov 2011 low , around this level we have the weekly SMA(200) at 1.3519, at 1.3490 we have the 50% retracement of the big rally (1.2042/1.4939) levels, so I think 1.3500 is strong resistance and most likely It's "impossible" to be breached from the first time !!!

Comment by Mai Gamal on January 26, 2013 at 6:03pm: what is the target in the first 3 or 4 hours when the market open next Monday ?

Comment by Haitham653 on January 26, 2013 at 6:04pm: That's just an idea,It's up to you my recommendation is to long around 1.3380/1.3400 levels .