Will price action send the EURO to 1.3600 levels ! 1.2910 & 1.3189 are important pivots !
The EURUSD declined below 1.2955 today tested 1.2910 and recovered strongly, almost 120 pips, If we check the daily chart , we have a sloping trend line from 1.3171 and 1.3139, this line capped the pair in Sept 2012 , Oct 2012 and the beginning of Dec 2012, later it was broken to the upside in the middle of Dec 2012, in the beginning of Jan 2013 it served as support around 1.2997 and sent the pair towards 1.3710 levels..
This line contained the downside from 1.3710 levels, the pair was unable to close below this level at least, and today it was rejected strongly to upside , added to that, momentum indicators suggest strong rebound to the upside , so we need to keep an eye on 1.3200 levels, basically 1.3189, a daily close above this level will open the way to 1.3400/500 levels, but in return , a daily close below 1.2910 will bring strong bearish move and expose 1.2660 testing 1.2400/200 levels..
Best Regards
Haitham
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Comment by Haitham653 on March 15, 2013 at 10:45am -
The daily %(R) is bullish and suggests possible reversal to the upside, but further confirmation is needed, a daily close above 1.3189 will open the way to 1.3370/577 levels, a daily close above 1.3577 will expose 1.3710 and target 1.3850 levels.
On the downside, a daily close below 1.2910 will expose 1.2660 and target 1.2392/1.2166 levels.
Keep in mind as long as the daily close is above 1.2910, the pair faces further upside gains, a daily close above yesterday's high - 1.3032 - is an early warning for strong upward move, If seen, a long bullish candle on the daily chart is suggested with 200/300 pips length ....
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Comment by Yasser sorour on March 15, 2013 at 11:46am -
a daily close above yesterday's high - 1.3032 - is an early warning for strong upward move, If seen, a long bullish candle on the daily chart is suggested with 200/300 pips length ....
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Excellent , totally agreed
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Comment by Amir Ahmad Malik on March 15, 2013 at 2:18pm -
what are the support levels for now?
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Comment by Haitham653 on March 15, 2013 at 2:41pm
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support around 1.3065 , as long as this level holds , more gains are suggested towards 1.3133, stability below this level will open the way to 1.3030/1.3010..but any downside move should be contained well above 1.3010 to bring rebound to the upside, below 1.3010 we might see a free fall !!
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Comment by Amir Ahmad Malik on March 15, 2013 at 2:46pm
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Thanks brother jazak Allah
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Comment by Haitham653 on March 15, 2013 at 2:56pm
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GBPUSD is bullish in short term for retesting 1.5220 levels, sustained break above this level will confirm short term bottoming and pave the way to 1.5460/1.5550 levels.
On the downside , below 1.4915 will weaken the current bullish momentum , but a clear break below 1.4830 is indeed to resume the whole bearish move and pave the way to 1.4200 levels..
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Comment by Haitham653 on March 15, 2013 at 3:39pm
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According 1 hour chart, EURUSD loses the upside momentum , On the downside , stability below 1.3000 levels may test 1.2910 levels, On the upside , break of 1.3106 may expose 1.3133 and target 1.3160 levels and possible 1.3200...
between 1.3000/1.3106 sideways move is suggested....
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Comment by Haitham653 on March 15, 2013 at 4:16pm
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If the EURO closes today above 1.3032 - yesterday's high - next week , It might dip to 1.2957 levels before sudden rise to 1.3200 levels..keep that in mind.........
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